Sunday 25 August 2019

Power prices 'to remain low until at least 2022'

'The prediction of low prices until 2022 comes despite electricity providers including Electric Ireland, SSE Airtricity and Bord Gáis Energy having all recently announced price increases' (stock photo)
'The prediction of low prices until 2022 comes despite electricity providers including Electric Ireland, SSE Airtricity and Bord Gáis Energy having all recently announced price increases' (stock photo)
John Mulligan

John Mulligan

Ireland's electricity prices should remain near current lows for at least another five years as more wind power generation comes on stream, according to financial ratings agency Moody's.

It has also forecast that Brexit will have no major impact on the cost of electricity.

The prediction of low prices until 2022 comes despite electricity providers including Electric Ireland, SSE Airtricity and Bord Gáis Energy having all recently announced price increases.

They have blamed higher wholesale prices for the increases.

The co-author of the Moody's report on Ireland's electricity market, assistant vice president Alastair Sullivan, has warned the deployment of more data centres here will "contribute significantly" to electricity demand.

Moody's reckons that by 2022, data centres will be using 1,200 megawatts of power a year in Ireland - much more than the maximum generation capacity of the country's largest power station, Moneypoint, in Co Clare, which can produce up to 915 megawatts of electricity.

The ESB has previously warned that additional electricity generation capacity will need to be brought online to deal with the power demands of an increasing number of data centres.

Irish Independent

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