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Irish Examiner
3 hours ago
- Irish Examiner
Ireland ends coal power generation at Moneypoint
Ireland has ended coal power generation, joining a growing group of European countries that have eliminated the fuel from their electricity mix. The closure of Moneypoint's coal operations makes Ireland Europe's sixth country to exit coal as renewables continue to increase their share of power generation. The station in Co Clare will continue to operate, serving as a back-up role, burning oil under emergency instruction from EirGrid until 2029. Moneypoint is one of Ireland's largest energy generation stations and was developed in the 1980s to mitigate against the then oil crisis. Cathal Marley, Chief Executive of EirGrid, said the change marks a significant milestone for the country's electricity system. "While Moneypoint will no longer use coal, we entered an agreement with ESB, following direction from our regulator, CRU, to make Moneypoint units available on a temporary basis as out of market units up to 31st March 2029. "The units will operate using oil as the primary fuel source and will support the overall adequacy position for Ireland, alongside the other measures in CRU's Security of Supply Programme.' Paddy Hayes, Chief Executive of ESB said the teams working at Moneypoint and the communities across West Clare have been at the heart of powering Ireland's electricity system for the best part of 40 years. Friends of the Earth Ireland also welcomed the move, saying the cessation of coal operations at Moneypoint fires the starting gun on what could be a defining summer for Europe's coal phase-out, with Spain and Italy set to follow suit in the coming months, with the anticipated shutdown of their remaining mainland coal plants. Read More Proposal excuses new data centres from using renewable sources as back-up electricity
Irish Times
6 hours ago
- Irish Times
Irish pharma exports drive euro zone trade in first quarter
Irish pharma exports were the main driver of euro zone exports in the first quarter, according to the European Central Bank (ECB). In its latest economic bulletin, the Frankfurt-based central bank said exports of euro area goods 'rose substantially' – by 4.9 per cent – in the first three months of the year on the back of 'US tariff-related front-loading'. 'This was driven chiefly by pharmaceutical exports, mainly from Ireland and via Switzerland, but also from Germany, France and Italy,' it said. Irish good exports rose by 64 per cent to €88.4 billion in the first quarter as companies fast-tracked product into the US to avoid incoming tariffs. READ MORE The ECB, however, warned that the export boom may be short-lived. [ Irish exports surged ahead of Trump's 'liberation day' tariffs Opens in new window ] 'While more front-loading may take place in the coming months, higher tariffs, policy uncertainty and the appreciation of the euro are expected to cause headwinds for export volumes further ahead,' it said. It also warned that on the import side, 'the appreciation of the euro and trade deflection resulting from US-China trade tensions' were likely to dampen import prices. The stronger euro has helped bring down inflation quicker than expected. Headline inflation is now set to average 2 per cent this year, 1.6 per cent in 2026 and 2 per cent in 2027, it said. In its report, the ECB warned the economic outlook for the bloc was 'clouded by trade tensions and elevated global uncertainty'. For 2025 as a whole, these effects are seen to be partly compensated by stronger than expected economic activity in the first quarter. In the medium term, economic activity will be supported by recently announced fiscal measures, including Germany's €1 trillion military and infrastructure investment plan. US president Donald Trump has threatened to impose 50 per cent tariffs on imports from the EU but has put a stay on the measure until July 9th to allow for talks. [ Von der Leyen: EU needs until July 9th to reach trade deal with US Opens in new window ] 'Overall, the conditions remain in place for euro area GDP growth to strengthen over the projection horizon,' the ECB said. 'In particular, rising real wages and employment, less restrictive financing conditions – mainly reflecting recent monetary policy decisions – and a rebound in foreign demand in the later part of the projection horizon should all support a gradual recovery.' The bank noted that trade tensions and the stronger exchange rate have resulted in a downward revision to growth for 2026, while growth is unrevised for 2027. It sees GDP growth across the bloc averaging 0.9 per cent in 2025, 1.1 per cent in 2026 and 1.3 per cent in 2027. On the US economy, the ECB said the growth outlook has deteriorated. 'Real GDP turned slightly negative in the first quarter of 2025, as the front-loading of imports resulted in a large negative contribution from net trade. 'At the same time, domestic demand remained relatively solid; it is, however, expected to slow down as the impact of tariffs take hold,' it said, noting that tariffs are projected to increase the cost of imported goods, 'which will likely spill over to domestic prices'.
Irish Examiner
7 hours ago
- Irish Examiner
Moneypoint ends coal generation early as ESB shifts focus to renewable energy hub
Coal generation has ended earlier than expected at Moneypoint Power Station in Co Clare. After 40 years, the ESB, which operates the station, announced it has transformed the site into a renewable energy hub as coal generation came to a close. Moneypoint began its transition away from fossil fuels in 2017 with the construction of a 17MW onshore wind farm. In 2021, ESB announced a multi-billion-euro plan to transform the site into one of the country's largest renewable energy hubs, utilising its deep-water port and existing infrastructure. Phase one of this plan was completed in 2022 with a €50 million investment in Ireland's first synchronous compensator — a zero-carbon technology that allows the system to handle increasing amounts of renewable electricity. CLIMATE & SUSTAINABILITY HUB In 2023, ESB and EirGrid signed an agreement to keep Moneypoint available (to generate electricity using oil) from 2025 to 2029. The station will only be required to operate when the electricity system is short on capacity, and only under instruction from EirGrid. Oil generation is less carbon-intensive than coal, and the station is expected to run significantly less often during these four years. On Friday, Minister of State at the department of agriculture, Timmy Dooley, visited the site alongside ESB Chief Executive Paddy Hayes. Speaking about the move, Mr Dooley said: "The early end of coal generation at Moneypoint represents a significant milestone for ESB and is another important step in Ireland's energy transformation. "It is the people of the Mid-West that have made this possible and I am delighted that the site will continue to play a critical role in securing Ireland's electricity supply for a number of years to come." Mr Hayes said: "Moneypoint, the teams working here, and the communities across West Clare have been at the heart of powering Ireland's electricity system for the best part of 40 years so far – and I would like to thank all those who have played a part in that." Ireland's 2030 target under the EU's Effort Sharing Regulation (ESR) is to reduce greenhouse gas emissions by at least 42% by the end of the decade. Climate Minister Darragh O'Brien said: "Today, the next step of the station's journey is beginning as the shift from coal to oil takes place. This is not just a significant move for ESB but also for the country as a whole as Ireland powers forward to deliver the clean energy transition underpinned by a secure electricity system.
