Power Group Online Article |  | |
28 March 2008 - Irish state-owned electricity firm ESB has unveiled a €22bn ($35bn) investment programme in a bid to produce 33 per cent of its total electricity output from renewable sources such as wind and wave power by 2020 and be carbon-neutral by 2035.
The ESB plans to spend €11bn on upgrading its network infrastructure in order to cope with the expected surge in wind energy generation that will come on stream in the country over the next 12 years.
The company anticipates having 1400 MW of its own wind generation capacity in place by 2020, as well as a substantial footprint in wave, tidal and biomass schemes. About 150 MW of electricity is expected to be generated by the ESB from wave and tidal energy sources by that date.
The ESB aims to spend €4bn directly investing in renewable energy projects, where it currently only has a small presence. A further €6.5bn will be spent on facilitating renewables, such as the installation of smart metering in homes nationwide.
Around 93 per cent of Ireland's current electricity production is derived from fossil fuels.
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