Mr. Bobby Smith:

Mr. Kennedy might take some of the Deputy's questions. I will start by addressing the third one and we will then work backwards. The question of the amount of storage required is a good one. We are asked about it a lot. In 2022, we did an analysis with Baringa, which is an energy market consultancy that does a lot of modelling work on power markets and future energy systems. We asked for an analysis of the 2030 power system and how much energy storage might be beneficial to consumers. It was not designed as a study to optimise the amount of storage we need. Baringa came up with a figure of 2 GW of long-duration storage, or up to 100 hours, as having a net benefit of €85 million per year in consumer savings. That saving would mainly come through avoided fossil fuel costs and reduced dispatch-down costs for renewables.

We could say that is the amount of no regrets long-duration storage that will be needed by 2030. EirGrid has estimated we will need at least 2.5 GW. It is looking at slightly different types of storage as well. A figure of 2 GW to 2.5 GW seems to be the minimum we will need for 2030. As we build towards 2040 and 2050, demand will increase and we will need to build energy storage in parallel with that, along with our renewable generation. We could say 2 GW to 2.5 GW is the very minimum. Ultimately, we will need a lot more by 2030, 2040 and definitely by 2050.

On the auction question, that is essentially what we are talking about. This is a complex auction process. We are not shying away from that. We have to compare different technologies and different characteristics with different durations, efficiencies, cost, lead times, etc. In principle, we want an auction that can sort through that and deliver the technologies that are the best cost for consumers that can deliver decarbonisation at least cost.

I will ask Mr. Blount to come in on the specifics on the revenue gaps and some of the regional questions.