EIB and ESB Partnership Drives Success of Ireland’s Smart Metering Programme

EIB and ESB Partnership Drives Success of Ireland’s Smart Metering Programme

(IN BRIEF) EIB Vice President Ioannis Tsakiris praised the collaboration between the European Investment Bank (EIB) and ESB in supporting Ireland’s National Smart Metering Programme. Backed by €450 million in EIB funding, the initiative aims to help 2 million Irish households, farms, and businesses better manage energy use, reduce carbon emissions, and enhance renewable energy adoption. ESB CFO Paul Stapleton highlighted the role of smart meters in advancing Ireland’s renewable energy goals. This programme is part of Ireland’s broader strategy to meet climate targets and transition to a more flexible, renewable-based energy grid.

(PRESS RELEASE) LUXEMBOURG, 13-Sep-2024 — /EuropaWire/ — During a visit to ESB’s headquarters in Dublin, Ioannis Tsakiris, Vice President of the European Investment Bank (EIB), commended the partnership between the EIB and ESB in advancing Ireland’s National Smart Metering Programme. The initiative, backed by €450 million in EIB funding, aims to enhance energy efficiency, reduce carbon emissions, and increase the use of renewable energy for nearly 2 million households, farms, and businesses across Ireland.

Paul Stapleton, CFO of ESB, emphasized the critical role smart meters play in Ireland’s renewable energy goals, enabling consumers to monitor energy use, switch to more efficient tariffs, and contribute to reducing emissions. Tsakiris underscored the EIB’s commitment to supporting projects that decarbonize Europe’s energy sector, noting that the smart metering programme marks a key milestone in Ireland’s energy transition.

The smart meters provide real-time data to help consumers better manage energy consumption, lower costs, and shift away from fossil fuels, aligning with Ireland’s broader energy strategy to meet climate targets and integrate renewable energy sources into the grid.

The EIB has provided over €5 billion in energy investment for Ireland since 1976.

Background information

EIB Group

The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. It finances sound investment contributing to EU policy objectives. EIB projects bolster competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, and support a just and swift transition to climate neutrality.

The EIB Group, which also includes the European Investment Fund (EIF), signed a total of €88 billion in new financing in 2023 – 90% of it in the European Union.  These commitments are expected to mobilise around €320 billion in investment, supporting 400 000 companies and 5.4 million jobs.

All projects financed by the EIB Group are in line with the Paris Climate Accord. The EIB Group does not fund investments in fossil fuels. We are on track to deliver on our commitment to support  €1 trillion in climate and environmental sustainability investment in the decade to 2030 as pledged in our Climate Bank Roadmap. Over half of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment.

Approximately half of the EIB’s financing within the European Union is directed towards cohesion regions, where per capita income is lower. This underscores the Bank’s commitment to fostering inclusive growth and the convergence of living standards.

About ESB:

ESB was established in 1927 as a statutory body under the Electricity (Supply) Act, 1927. With a holding of 97%, ESB is majority owned by the Irish Government. The remaining 3% is held by the trustees of an Employee Share Ownership Plan. As a strong, diversified utility, ESB operates across the electricity market, from generation through transmission and distribution, to supply of customers in addition to using our networks to carry fibre for telecommunications. ESB is a leading Irish utility with a regulated asset base of approximately €13.2bn (comprising ESB Networks €10.6bn and NIE Networks €2.6bn), a 27% share of generation in the all-island market and supply businesses supplying electricity and gas to over two million customer accounts throughout the island of Ireland and Great Britain. During the year ended 31 December 2023, ESB Group employed an average of almost 9,000 people.

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SOURCE: European Investment Bank