Oct 31, 2022
The energy markets and regulatory landscapes in Ireland have undergone significant changes in the last ten years. These changes have been driven by a number of factors, including the need to reduce greenhouse gas emissions, the rise of renewable energy, and the increasing importance of energy security.
Here is our top 10 list of the most significant and impactful changes to the energy markets and regulatory landscapes in Ireland in the last ten years:
Carbon tax: in 2010, the Irish government introduced a carbon tax on the use of fossil fuels. This tax has been gradually increased over time, and it is now one of the highest in Europe. The carbon tax is designed to encourage the use of cleaner energy sources and to reduce greenhouse gas emissions.
Renewable energy (growth): use of renewable energy sources, such as wind and solar, has increased significantly. This growth has been driven by a number of factors, including government subsidies, the falling cost of renewable energy technologies, and the increasing public demand for clean energy.
Smart meters: in 2019, the Irish government introduced smart meters to all homes and businesses in Ireland. Smart meters allow consumers to monitor their energy consumption in real time and to make informed decisions about how to reduce their energy bills.
The all-island electricity market: in 2007, the Republic of Ireland and Northern Ireland created a single electricity market. This market allows electricity to flow freely between the two jurisdictions, which has helped to improve security of supply and to reduce costs for consumers.
New regulations: still very much a work in progress, a number of new regulations in recent years have improved the efficiency and transparency of the energy markets. These regulations have helped to protect consumers and to ensure that the markets are fair and competitive.
The rise of new technologies: the development of new technologies, such as electric vehicles and energy storage, is having a significant impact on the energy markets. These technologies are offering new opportunities for consumers to generate and manage their own energy, which is helping to reduce reliance on traditional energy suppliers.
The increasing importance of energy security: the increasing interconnectedness of the global energy markets has made energy security a more important issue for Ireland. The country is now more vulnerable to disruptions in the supply of oil and gas from other countries.
The growing role of the European Union: the European Union is playing an increasingly important role in the regulation of the energy markets in Ireland. The EU has set ambitious targets for reducing greenhouse gas emissions and for increasing the use of renewable energy. These targets are having a significant impact on the Irish energy markets.
Political priorities: the so-called ‘green agenda’ now forms at least part of every political party’s stated energy policy, giving rise to a more attractive environent for investment and innovation in sustainable energy solutions.
Increasing importance of consumer choice: consumers are now more aware of the choices they have when it comes to their energy supply. They can choose from a range of suppliers, tariffs, and technologies, helping to drive competition in the energy markets and lower prices.
These are just some of the most significant and impactful changes to the energy markets and regulatory landscapes in Ireland in the last ten years. These changes are having a major impact on the way energy is produced, distributed, and consumed in Ireland. They are also helping to shape the future of the Irish energy sector.