Energy Security
Irish Context
Amarach Consulting, using World Bank and ECB statistical data has concluded that Ireland is one of the most vulnerable countries in the developed world in terms of security of energy supply.
Offshore wind has the ability to provide a large indigenous energy supply that can meet up to 20% of our national electricity requirement.
A recent ESRI report on energy has highlighted a number of key concerns. It indicates that while Ireland has technically enough generating capacity for the short term, our current infrastructure is older than EU norms and as such is in greater need of repair (leading to more down time and lower load factors).
European Context
Mainstream energy analysis indicates what is at stake for European security of supply. Europe’s energy imports are set to rise from 50 to 70%, demand for oil and gas is increasing worldwide and at the same time supply is constrained, with oil and gas reserves concentrated in Russia, the Caspian Sea region and the Middle East. Yet all studies suggest that electricity will continue to play a large role in Europe’s energy future, with half of the projected increase in gas demand coming from electricity.
Price volatility
These factors exacerbate the inherent volatility of oil and gas prices, which are inflicting a multi-billion dollar drain on the global economy. A strategy of reliance on imported energy resources at unpredictable prices inevitably requires the assurance of political and economic stability in producer countries - Iraq highlights how big a challenge this is.
Thirty years ago, North Sea oil came to the rescue of a Europe facing an international oil crisis. We are now faced with a different crisis, and we need offshore wind to help solve it.
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