Ireland could be leaving itself in a “decisively disadvantageous” position with high energy prices and risks to supply if it does not consider nuclear power.
An internal briefing from EirGrid said that this country currently has among the highest electricity prices in the world for households and businesses.
It said sky-high power bills were creating a huge financial burden for the public and threatened the viability of Irish businesses.
The note said that there was currently a prohibition on developing nuclear energy in Ireland and that government policy envisioned a future in which the country was powered by wind, solar, and “various forms of storage.”
However, it said this was not without risks in what is known as the “energy trilemma” of sustainability, affordability, and reliability.
New small modular nuclear reactors may in the future reduce costs and could potentially present an answer to the ‘trilemma’.
The briefing explained: “In such a world, Ireland may find itself in a decisively disadvantageous position when compared to international competitors.
“This may reduce Ireland’s attractiveness as a destination for foreign direct investment, particularly from energy-intensive sectors such as manufacturing and ICT.”
The document accompanied a presentation delivered by experts to a board subcommittee of EirGrid in March of this year.