Green energy use rises to 17%

Renewable sources accounted for 17% of energy provision in Ireland in 2011 — up by 3% on the previous year.

The figure, published by Eirgrid yesterday, keeps Ireland on track to meet its obligations of sourcing 40% of its total annual energy needs from renewable sources such as wind and solar by 2020.

Eirgrid’s latest annual accounts show the company, which operates the country’s national electricity grid, made an operating profit of €30.3m last year, up 93% on the €15.7m generated in 2010.

Underlying profits were up by 25% at €15m, while annual revenue rose by 6% to €470.7m. The company’s direct costs increased by €16m to €362.9m, but “other operating costs” decreased from €81.2m to €77.5m.

Eirgrid is in the midst of implementing its Grid25 programme, which will overhaul the long-term electricity supply in Ireland.

Originally costing €4bn to implement, Eirgrid last year said it should come in at €800m under budget, at a final cost of €3.2bn.

However, chief executive Dermot Byrne yesterday said that with the onset of new technology the total cost could be even lower. He added that the final costs of the East-West Interconnector — which will electrically connect Ireland with Britain and, ultimately, mainland Europe — should also come in under its initial €600m budget.

“A stronger grid will provide benefits to all regions of Ireland. The East-West Interconnector will enable us to participate in the UK and European electricity markets,” chairperson Bernie Gray said, adding that the upgraded grid will provide a platform for economic recovery and inward investment.

Mr Byrne said the first auction for capacity on the East-West Interconnector will take place this summer, with the project set to be completed in September.

It will, he added, “develop a new and indigenous sector — the energy export market”.

He said the recent €500m investment in the new electricity link between Munster and Leinster will enable Ireland to have a 21st century grid, “modern enough and flexible enough to cater for the requirements of future generations”.