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€324m-worth of carbon credits were displaced in the island of Ireland’s wholesale market in 2024, says Baringa Wind generation in Ireland and Northern Ireland displaced over €1bn-worth of gas and carbon credits in the wholesale market last year, according to Baringa. The analysis, commissioned by Wind Energy Ireland, reveals that a total of 13.2TWh of wind generation output was able to displace a total of almost €1.2bn-worth of fossil gas and carbon in 2024. Around 2.1 billion cubic meters (bcm) of fossil gas was displaced in Ireland at a total avoided cost of €748m. A further €157m of gas was displaced in Northern Ireland, totalling over 0.4 bcm in volume. The resulting reduction in emissions equates to 4.1 and 0.9 million tonnes of CO2 emissions for Ireland and Northern Ireland respectively. In addition, €268m and €56m-worth of carbon credits were displaced from the wholesale market in Ireland and Northern Ireland respectively. March saw the greatest monthly wind generation, with a total cost saving of €120m across the island. High fossil gas prices at the end of the year resulted in the greatest monthly saving from wind power in December, totalling €170m. Throughout early 2024, gas prices were significantly lower than those seen in early 2023. As a result, power prices have also fallen, however they still remain above historic norms keeping electricity prices relatively high – the average wholesale price for 2024 was still more than double the 2019 level. Towards the end of 2024, power prices were substantially higher than they were at the end of 2023, as the price of gas rose on international markets. Noel Cunniffe, CEO of Wind Energy Ireland, said: “Once again this report highlights the critical role Irish wind farms are playing in driving down Irish energy costs, cutting our carbon emissions and reducing our reliance on imported fossil fuels. “Rather than importing hundreds of millions of euro of gas, Irish wind farms ensured money stayed where it belongs, at home, supporting Irish workers and businesses. However, further savings were prevented due to insufficient grid capacity which meant Ireland was unable to take full advantage of its windiest months. Cunniffe added: “Last year Ireland reached record levels of wind energy generation capacity, with over 5,000 MW of onshore generation capacity now installed. “However, it was also the worst year on record for the amount of wind power lost due to challenges with electricity grid capacity. “Every time a wind turbine is shut down because the grid can’t take the electricity, it means higher bills and more carbon emissions. “This report further highlights the urgent need to reinforce our grid infrastructure, so that we can get more wind energy on the grid and allow consumers to fully benefit from Ireland’s renewable transition.” |
