Winter electricity prices forecast to tumble by 2027 thanks to offshore wind

The all-Ireland electricity will hit the target of generating 80% of its power from renewables thanks to offshore wind by 2030, and winter electricity costs will tumble as early as 2027. 

The Cornwall Insight report says winter electricity prices will fall below their long-term pre-Covid levels as offshore wind and solar projects deliver on their promise to reduce the island’s huge dependence on gas-fuelled power stations. 

“The commissioning of new, low marginal cost solar and offshore wind power, alongside increased battery storage, are forecast to help lower winter energy prices below the pre-2021 historical average from 2027 onwards, with solar power becoming nearly a fifth of the energy capacity by the middle of the decade,” it said.        

irishexaminer Winter electricity prices forecast to tumble by 2027 thanks to offshore wind