Offshore wind is the only technology with the scale to help Ireland meet future renewable electricity targets, according to a new report.
Dublin will need to add between 400MW and 700MW of green energy every year in the next decade, up from the around 200MW average annual tally delivered to date mainly by onshore wind.
“While solar and onshore wind can and will play a role, offshore wind is the only technology with the scale and deployment capacity to meet this demand in full,” said the study by KPMG.
Around 1GW of capacity could be built in the “immediate future” with “clear government support”, according to the report.
An additional 3GW could be deployed in the period 2020-30.
“Dramatic reductions in technology prices and improved performance now mean that offshore wind costs a fraction of historic pricing, with a trajectory to hit parity with other technologies in the short to medium term,” added the report, which was commissioned by industry group NOW Ireland.
The study calls on Dublin to set up an offshore wind development committee led by the Department of the Taoiseach to coordinate work in the sector.
Among the policy initiatives required are a “targeted” scheme to support the industry, the inclusion of a technology-specific pot in future capacity auctions and the introduction of a new foreshore licensing act to smooth consenting.
The sector can also deliver a multi-billion euro economic boost the economy, deliver thousands of new jobs and enhance security of energy supply, added the report.