The Electricity Supply Board (ESB) has announced that the company are to invest €22 billion on electricity infrastructure and renewable energy over the next 12 years.

The Board of ESB has approved a Strategic Framework to 2020 that will see major company investment in renewable energy, the halving of its carbon emissions within 12 years, and the achievement of carbon net-zero by 2035.

Fifty percent of the overall investment package is geared towards investments in our renewable future. €4bn of this will be directly invested in renewable energy projects and €6.5bn will be spent facilitating renewables including smart metering and smart networks.

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By 2020, ESB aims to deliver one-third of its electricity from renewable generation. This will include over 1,400 megawatts of wind generation, in addition to wave, tidal and biomass. To promote this, the company will invest in emerging green technologies.

The €11 billion to be invested by ESB in its Networks will ensure continued efficient delivery of the vital infrastructure needed to support the Irish economy. It will also facilitate the development of up to 6,000 megawatts of wind on the island.

ESB will maintain its market share of power generation at well below 40 percent to facilitate continuing competition in the energy market. Completion of the present closure/divestment of 1500 megawatts of its stations and sites will assist this process. The board will continue to enhance plant availability and performance in line with EU norms.

With the development of a single British-Irish electricity market by 2020, ESB's international profile will continue to expand. The company will invest in more generation plants and renewables in Britain and further plants in Europe.

(VB/JM)