Irish utility Electricity Supply Board has announced plans to start a E22 billion capital investment program.
The Electricity Supply Board (ESB) board has approved a strategic framework to 2020 that will see major investment in renewable energy, the halving of its carbon emissions within 12 years and the achievement of net-zero carbon status by 2035.
The ESB said that 50% of the overall investment package is geared towards investment in renewable energy. The utility said that E4 billion will be directly invested in renewable energy projects and E6.5 billion will be spent facilitating renewables including smart metering and smart networks.
The E11 billion to be invested by ESB in its networks will ensure continued efficient delivery of the vital infrastructure needed to support the Irish economy. It will also facilitate the development of up to 6,000MW of wind power in Ireland, according to ESB.
The Irish power generator will reportedly maintain its market share of generation at well below 40% to facilitate compliance with anti-monopoly regulations. The company said that it will also continue to enhance plant availability and performance in line with European Union norms.
With the development of a single British-Irish electricity market by 2020, ESB said that its international profile will continue to expand and it will invest in more generation plants and renewables in the UK and Europe.