The market is not “broken”; it is in a “fundamental recalibration”. The cost of electricity is driven by global gas price shocks and the essential, large-scale investment needed to move away from volatile fossil fuel prices.
This investment in renewables, grid upgrades, and security of supply is precisely what will deliver a “secure, affordable, and efficient electricity system” for Ireland in the long term. Ireland needs to increase electrification which will reduce average unit costs of electricity, decarbonise heating and transport, reduce dependency on imported fossil fuels and use our own indigenous renewables. More renewables will reduce wholesale prices as seen in other countries and thermal units will provide much needed back-up when renewables are not available and secure the electricity system to support our economy and society.