Business Energy Prices in Ireland

Business Energy Prices 2024 Outlook

The Business Energy market is currently going through complex challenges and significant changes. As a market leading business energy consultancy, we understand the importance of securing the best energy rates for your business.

With the recent in challenges faced by the energy market globally, impacting Ireland significantly – it’s crucial to stay informed about factors that influence business energy costs and how you can benefit opportunities in the market that can provide savings.

Current Market Overview

The energy landscape has been significantly affected by geopolitical tensions, particularly the ongoing Russian invasion of Ukraine and conflicts in the Middle East. This has disrupted supply chains and driven up prices globally. However, there are several promising trends that might indicate a more stable and potentially lower pricing environment for electricity and gas costs for the remaining months of 2024.

Renewable Energy Growth

One of the most significant factors contributing to potential price decreases is the accelerated growth of renewable energy. Ireland is making substantial investments in solar and wind energy. According to a recent report by the International Energy Agency (IEA), global renewable energy capacity is expected to increase by 32% from 2022 to 2023. This growth not only helps in stabilising the energy supply but also reduces reliance on imported fossil fuels, which are subject to price volatility.

Government Policies and Incentives

The Irish government has been proactive in promoting energy efficiency and renewable energy. Initiatives like the Renewable Electricity Support Scheme (RESS) provide financial incentives for renewable energy projects, making them more economically viable and encouraging further investment in the sector. These policies are crucial for driving down the cost of renewable energy production, which can translate into lower prices for consumers.

Energy Storage Solutions

Energy storage is another critical component that can impact energy prices. The advancement and increased adoption of energy storage technologies, such as batteries, help in balancing supply and demand, particularly for intermittent renewable sources like wind and solar. As energy storage becomes more efficient and cost-effective, it can play a significant role in stabilising energy prices.

Grid Modernisation

Upgrading the national grid to handle more distributed and renewable energy sources is essential. Investments in grid infrastructure will not only improve reliability but also reduce transmission losses, leading to more efficient energy distribution. The Irish grid is undergoing significant modernisation efforts, which will support the integration of more renewable energy and potentially lower costs.

Energy Market Outlook 2024

Experts have mixed predictions about the future of energy prices. Some believe that the increased supply of renewable energy and improved storage solutions will lead to lower prices. Others caution that geopolitical uncertainties and the pace of infrastructure upgrades could still pose challenges.

Whilst energy buyers and businesses should remain vigilant to market volatility, now is a good time to review energy costs and benefit from a budget secure fixed position.

What Can You Do?

Regardless of market fluctuations, businesses can take proactive steps to manage their energy costs:

Energy Audits: Conducting regular energy audits can help identify inefficiencies and areas where consumption can be reduced.
Invest in Renewables: Consider investing in on-site renewable energy generation, such as solar panels, to reduce reliance on external energy sources.
Monitor Market Trends: Stay informed about market trends and policy changes to make timely decisions about energy procurement.
Utility Health Check: Our free Utility Health Check ensures you are benefitting from a full market comparison with a transparent approach. Reviewing your energy costs now will ensure you benefit from lower market conditions whilst they are still available.

UtilityWorks is committed to helping your business navigate the complexities of the energy market.