The development of new renewable energy capacity is predicted to help Irish households see significantly lower energy bills.

A new report by consultancy Cornwall Insight suggests the commissioning of new solar and offshore wind farms could lower winter energy prices in Ireland below the pre-2021 historical average from 2027 onwards.

Consultants have also predicted that summer power prices are not forecast to go below historic levels this decade, as periods of low wind leave high-cost gas playing an increased role during this period.

Ratnottama Sengupta, Senior Consultant at Cornwall Insight, said: “Ireland’s many years of over-reliance on imported energy has left them vulnerable to higher prices, as energy security and possible supply cuts continue to be a concern for the upcoming winter.

“In the long run for Ireland, our data shows a clear path; only through pulling away from high-cost, volatile gas towards lower-cost renewable generation, supported by battery storage, will all of Ireland be able to secure its electricity supply and protect itself from the high international energy market wholesale prices.”