In this study we have explored the savings unlocked by wind power over 2022, from the displacement of fossil gas from the wholesale power market in Ireland and Northern Ireland.
Key findings – what have we learned?
- Using detailed hourly data, we have calculated the volume of fossil gas and carbon credits that would be required to ‘replace’ the historical outturn wind generation in the day-ahead schedule in 2022.
- Our analysis shows reveals that a total of 14.3 terawatt-hours (TWh) of wind generation at the day-ahead stage was able to displace a total of almost €2.6 billion worth of fossil gas and carbon credits from the wholesale market in 2022.
- Around 4 billion cubic meters (bcm) of fossil gas was displaced in Ireland at a total avoided cost of €1,650 million. A further £410 million of fossil gas was displaced in Northern Ireland, totalling almost 0.7 bcm in volume.
- In addition, a total of €340 million and £90 million worth of carbon credits were displaced from the wholesale market in Ireland and Northern Ireland respectively.
- A combination of high winds and extreme fossil gas prices on the 8th of March resulted in a total avoided cost of over €43 million on a single day.