Christopher O'Sullivan (Cork South West, Fianna Fail)
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112. To ask the Minister for Communications, Climate Action and Environment to outline the targets set out for increasing onshore wind, solar PV and offshore wind energy generation in GW by 2030; the estimated annual cost to Exchequer required to meet these targets, in tabular form. [40925/24]

Eamon Ryan (Dublin Bay South, Green Party)
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A renewables-led system is one of the core foundations of Ireland’s plan to radically reduce emissions in the electricity sector, protect our energy security, and ensure our economic competitiveness.

The Government’s Climate Action Plan 2023 (CAP 23), reaffirmed by CAP 24, sets Ireland an ambitious target of 80% of electricity demand from renewable sources by 2030, to be met through 9 GW of onshore wind, 8 GW of solar, and at least 5 GW of offshore wind. This will require unprecedented levels of investment in renewable electricity generation development and in the infrastructure required to expand and strengthen our electricity grid.

The Renewable Electricity Support Scheme (RESS) is Ireland's flagship support scheme for grid-scale renewable electricity generators and a key measure in supporting our ambitious renewable electricity targets. The renewable electricity projects, developed under the RESS (or through private power purchase agreements) are not directly funded by the Exchequer; rather they are financed by developers and supported by the Public Service Obligation (PSO).

The PSO is calculated by the CRU on an annual basis and may be a levy or benefit on every final electricity customer's bill depending on the level of the wholesale electricity price. When fossil fuel prices are higher than renewable prices, the PSO can go to zero/negative – meaning that consumers can benefit from a payback, which they have in recent years. When fossil fuel prices are lower, the PSO is a charge to consumers through the PSO Levy.

The CRU has calculated that a PSO Levy of €251 million is required for the ‘2024/2025 PSO Year’. Onshore wind and solar projects in the RESS will be paying out over €52 million to Irish households and businesses over 2024/2025 – helping to offset the PSO levy rise.

The Climate Action Plan 2024 provides that an estimated investment of €23 billion in wind and solar energy is required as well as significant investment in the electricity network and other supporting infrastructure.

The electricity system operators, ESB Networks and EirGrid, are responsible for the building, maintenance, and safe operation of the electricity system. This is funded through network charges on all final electricity customer's bills. The CRU oversees and agrees these charges in five-year cycles, known as price reviews. The current price review, Price Review 5, is in effect until the end of 2025 and saw the CRU sanction a €4 billion capital investment in the grid over the 2021-25 period. Work has commenced on Price Review 6 (2026-30), with the CRU recently publishing a strategy paper on PR6, seeking comments from the public on their approach to deciding the funding for this period.