Govt to invest €3.5 billion into Ireland's electricity infrastructure
The government has announced a landmark €3.5 billion investment in Ireland's electricity grid infrastructure, as part of the National Development Plan.
The Taoiseach, Micheál Martin published the plan yesterday (July 22), which will see a total investment of €275.4 billion from 2026 to 2035.
As part of the investment, €1.5 billion will be allocated to ESB Networks, and €2 billion will be allocated to EirGrid.
This will enable both companies to significantly increase capital investment to expand Ireland's onshore and offshore electricity transmission, and distribution network infrastructure.
According to the Department of Climate, Energy and the Environment the enhanced grid will be crucial to deliver on key commitments in the programme for government, including achieving 80% renewable electricity by 2030.
This requires building 9GW of onshore wind, 8GW of solar power, and 5GW of offshore wind in construction by 2030 – targets that are only possible with a world-class electricity network.
The department claims that the scale of investment is reflective of expenditure required in most European countries as they seek to increase connections of renewable energy, interconnect with neighbouring countries, and provide reliable networks for the increased electrification of the energy system.
The Minister for Climate, Energy and the Environment, Darragh O'Brien said: "This €3.5 billion investment is about building the energy infrastructure that Ireland needs for the future.
"It’s about ensuring every home and business has a reliable and secure source of electricity, creating thousands of jobs, and making Ireland a more attractive place for international companies to invest and grow."
"A modern, resilient electricity grid is the backbone of everything we want to achieve — from powering the 300,000 new homes we’ve committed to build by 2030, to attracting the foreign investment that creates jobs in communities across Ireland," Minister O'Brien added.
Meanwhile, the Minister of State with responsibility for the Marine, Timmy Dooley believes that Ireland's offshore energy potential is "enormous".
"Our Atlantic coastline offers some of the best offshore wind resources in the world, and with the right infrastructure, we can transform Ireland from an energy importer to an energy exporter," he said.
