Why do we have an energy crisis?
Energy costs have risen significantly since the middle of 2021. This has been caused by a range of local and international events in the energy sector.
Over the past two years, the Irish energy system has been exposed to:
- Reduced supply of electricity caused by delays in maintenance of key generation plants during Covid-19 lockdowns.
- This caused concerns & alerts over security of supply and potential loss of power during last autumn & winter which contributed to higher costs.
- Gas markets reacted to Geo-Political factors in 2021 pushing prices upwards in the lead-up to the invasion of Ukraine. Prices have remained higher and have been very volatile since then. Gas continues to be a key determinant of wholesale electricity prices.