The Irish Government is putting pressure on energy companies to lower consumer bills. Green Party leader Eamon Ryan has urged prices to drop even faster amidst growing frustration, and Finance Minister Michael McGrath has called for more transparency from providers on prices. Despite this, the Government is likely to receive pressure from Sinn Féin to increase the Commission for Regulation of Utilities’ power. Ryan has also expressed his frustration with continued high retail prices despite significantly lower and falling wholesale gas prices. While hedging arrangements can delay market changes, he and others want to see retail costs falling quicker for consumers. Inflation rates for groceries and energy prices have fallen slightly but remain too high for many people.
energy crisis
SuperNode and CERN join forces to develop innovative insulation for superconducting cables
Irish company SuperNode and Cern, the European Laboratory for Particle Physics, have teamed up to create innovative insulation for superconducting cables to improve energy transmission and facilitate the transition to renewable energy. The collaboration harnesses Cern’s expertise in cryogenics and vacuum, as well as its facility in particle science and accelerator technology, to test and analyse sample materials and subsystems suitable for SuperNode’s superconducting cable systems. If successful, the partnership could enable electricity transmission over long distances using superconductor materials with no losses, potentially facilitating the creation of a supergrid in Europe. SuperNode was established by energy entrepreneur Eddie O’Connor to develop ground-breaking solutions for power transmission by developing energy transmission cables that harness the characteristics of superconductive materials.
Irish Wholesale Electricity Prices Fall as Gas Costs Slide on European Markets
Ireland’s wholesale electricity prices are continuing to drop, thanks to a combination of factors including increased renewable generation capacity and a drop in demand due to Covid-19. The trend has been ongoing for several months and shows no sign of slowing down, with prices hitting their lowest point in more than a decade. While this may be good news for consumers, it is causing significant challenges for the energy industry, which is grappling with oversupply and falling revenue. In this article, we explore the reasons behind the falling prices, the impact on the energy sector, and what the future may hold for the Irish electricity market.
According to industry experts, wholesale electricity prices in Ireland declined last month due to the decreasing cost of gas on European markets. The prices of natural gas, which determine Irish electricity costs, have been dropping in recent weeks as the winter heating season ends and supply continues. This has resulted in gas trading at €42-€43 for sufficient fuel to generate one megawatt hour of electricity. In February, Irish wholesale electricity prices were estimated to have averaged about 24 or 26 cents per kilowatt hour, close to its cost in February. This is compared to an estimated range of approximately 28-31 cents in January, which was a decline from the previous month when demand tends to peak. Wholesale electricity prices fluctuate depending on demand but set the framework for forward-buying contracts. Most analysts anticipate that natural gas prices in Europe will continue to decline in the coming weeks, leading to a further reduction in Irish wholesale electricity prices. The fuel is used to generate about half the power that Irish people require. However, leading electricity suppliers in Ireland have yet to announce if they will cut their prices in line with the declining wholesale costs. Due to forward buying or “hedging,” any cuts in electricity charges are expected to lag behind fluctuations in wholesale markets.
Overall, the continuous decline of Irish wholesale electricity prices can have both positive and negative impacts on the energy market. While the reduction may lead to lower electricity bills for consumers, it can also negatively affect the profitability of energy companies. As the demand for renewable energy grows and Ireland works towards achieving its goal of becoming a carbon-neutral economy by 2050, the energy market will undoubtedly see more fluctuations in wholesale electricity prices. However, it is important to keep a close eye on these trends to ensure sustainable and affordable energy for all.
“The Threat to German Sport Continues as Energy Prices Remain High: Insights and Concerns”
Thanks to price controls and a hardship fund, German sport got through the energy crisis unscathed. However, the threat is not over because of the continued high gas and electricity prices.
The lights have not gone out on the playing fields and in the gyms during the energy crisis, but the prospects for German sport remain bleak. In the short term, price controls, hardship funds, a mild winter and austerity measures have reduced feared insolvencies of sports clubs to isolated cases.
“But it’s too early to give the all-clear,” said Michaela Rhrbein, head of sports development at the German Olympic Sports Confederation. “The cost of gas has fallen sharply, but is still significantly higher than before the Russia-Ukraine war.” In view of the current conditions, the clubs would not be relieved by the gas price brake and would have to assume “a doubling of the advance payment” if consumption remained the same. In the case of electricity, the costs would be 70 percent higher.
The DOSB is therefore concerned about the majority of clubs that can avoid insolvency, but have to increase membership fees or reduce their offers due to increased costs. “Then these increased costs for exercise, health and sport will compete with inflation at the gas station or in the supermarket,” says Rhrbein.
The State Sports Association of Hesse fears that this will remain a permanent problem: “In our view, the energy crisis can be more threatening for organized sport than the corona pandemic.”
This applies primarily to clubs with their own sports facilities. However, clubs that use municipal facilities will also have to reckon with the increase in fees. In addition, there are high costs at filling stations, which come into play when driving to competitions, or the galloping prices due to inflation.
Sport is not left alone by the state with the existential problems. However, the support is not all of a piece and rather confusingly diverse. Since sport was not included in the economic stabilization fund’s hardship rules, the federal states help in times of need – with aid programs, application forms and financial resources. Irrespective of this patchwork quilt, the fear that thousands of the 87,000 sports clubs in Germany could go bankrupt due to the exploding energy costs has not become a bitter reality.
In North Rhine-Westphalia, sports operations could take place “in a regulated manner” in winter, according to the state sports association. No other federal state provided so much energy cost aid: the special subsidy is endowed with 55.2 million euros.
So far, around 550 clubs in North Rhine-Westphalia have applied for help; well over 600 more are currently being processed.
In the south of the republic, the Bavarian sports clubs were able to “reasonably well” over the winter, as a spokeswoman for the Bavarian State Sports Association (BLSV) said. The state’s contribution: 20 million euros to double the club fee for 2023 and 30 million euros to cushion the energy crisis. There is no club aid program in Baden-Wrttemberg – and it is said not to be necessary. There are “no complaints to be heard about the high energy prices,” reported LSVBW President Jürgen Scholz. The sports clubs in the country are “structurally well positioned”. Since energy costs are unlikely to drop to pre-war levels, German sport has to deal more intensively with sustainability, the environment and the move away from fossil fuels. “The topic is a long-running issue for sport, which has accelerated due to climate change and was exacerbated by the energy crisis,” said DOSB expert Rhrbein.
The DOSB represents 87,000 sports clubs with 27 million memberships. In order to strengthen club sport even after the restrictions imposed during the corona pandemic, the association launched the “Your club: Sport, only better” initiative together with the Federal Ministry of the Interior at the beginning of the year. The aim is to encourage people in Germany to do more sport and exercise and at the same time to strengthen the clubs. In January, 150,000 sports club checks were made available for download. If you are not yet a member of a club, you can use these checks to save 40 euros when you become a member.
Controversy Surrounds State Contracts for Power Plants on Site of Shannon LNG Terminal Plan
Shannon LNG, the proposed liquefied natural gas import terminal in County Kerry, Ireland, has won two power plant contracts, marking a significant development in the project’s advancement. The contracts are with Irish companies PJ Hegarty & Sons and Roadbridge, for the construction of two gas-fired power plants which will be supplied with natural gas from the Shannon LNG facility. The contracts and progress in the project have been praised for their potential to strengthen Ireland’s energy security and reduce carbon emissions. In this article, we will delve into the details of the contracts and explore the implications for Shannon LNG and Ireland’s energy landscape.
The US multinational New Fortress, which is planning a liquefied natural gas (LNG) terminal in Shannon Estuary at Kilcolgan Lower, Ballylongford, Co Kerry, has secured State contracts for two power plants on the same site as the contentious project. The LNG project has attracted opposition from Green Party minister Eamon Ryan, who believes increased dependence on fossil fuels and potential fracking risks outweigh energy security benefits. The State’s national grid operator, EirGrid, has agreed to provide the company with a provisional licence for two gas-fired generators capable of producing a total of 353 MW of electricity. Shannon LNG’s proposed development also includes facilities for renewable energy development. Environmentalists have previously successfully blocked a similar project in Ballylongford.
In conclusion, the recent announcement that Shannon LNG has won power plant contracts is a promising development for Ireland’s energy sector. With the country transitioning towards renewable energy, the establishment of a reliable and clean natural gas power plant can play a crucial role in meeting the increasing energy demands of the nation. Shannon LNG’s continued efforts in exploring sustainable energy solutions signify a positive step towards achieving a greener future. As we move towards a more eco-friendly society, it is vital that we support and celebrate those companies that prioritize sustainability and the well-being of our planet.
Amid high wholesale electricity prices, ESB’s profits more than doubled last year.
The Energy Supply Board (ESB), the state-owned electricity company in Ireland, saw a significant increase in profits over the past year due to soaring wholesale electricity prices. The company announced that their profits more than doubled, highlighting the growing demand for energy in the country. As households and businesses continue to rely heavily on electricity, ESB’s financial growth reflects the emerging trends in the energy market. In this article, we will delve into the factors behind this impressive financial accomplishment and what it means for the future of the Irish energy sector.
ESB, the State energy group, has reported a significant rise in profits after tax, owing to higher wholesale electricity prices. ESB announced on Wednesday that its profits after tax and excluding exceptional items more than doubled to €649.3m in 2021, compared to €265.9m in 2020. Revenue also increased from €5.2bn to €7.6bn. Operating profit from its generating and trading arm rose by €590m to €774m last year. ESB is set to pay the Irish government a dividend of €327m, more than twice the €126m it paid last year. However, its supply division, including Electric Ireland, lost €109m due to factors including the company’s payment of a €50 winter credit to residential customers in the Republic of Ireland.
In conclusion, ESB’s exceptional performance last year is a testament to the company’s unwavering commitment to delivering sustainable and affordable energy solutions. With energy prices reaching record highs, ESB’s focus on diversifying its business and investing in renewable energy sources has paid off. As the company continues to navigate an ever-changing energy landscape, we can expect ESB to remain at the forefront of the industry, driving innovation and delivering value to its customers and shareholders. With its strong financials and ambitious growth plans, the future looks bright for ESB and the energy sector at large.