News Update 05.02.2025

• Reported by The Irish Times, Ireland’s gas demand in November rose by 17% year-on-year, with power plants consuming 65% of the total. Lower wind speeds and cold spells reduced renewable electricity generation, leading to 84% of the gas supply being imported, highlighting Ireland’s growing reliance on foreign gas.? https://www.irishtimes.com/business/2025/02/04/irelands-reliance-on-foreign-gas-continues-to-grow-significantly-data-shows/?

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• In a report by The Journal.ie, in January, electric vehicle sales in Ireland reached a new record with 4,925 new registrations, a 20% increase from the previous year. However, Tesla dropped out of the top ten selling EV brands, with Volkswagen leading the market, followed by Kia, Hyundai, Nissan, and Peugeot.?https://www.thejournal.ie/ireland-electric-vehicles-tesla-drops-out-top-selling-brands-6613362-Feb2025/?

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• The Irish Independent reveals that the agriculture sector is on track to achieve a 10% reduction in greenhouse gas emissions by 2025, aiming for a 25% reduction by 2030 compared to 2018 levels, according to Teagasc. This progress is largely due to reduced chemical nitrogen usage and the adoption of protected urea, which significantly lowers emissions.?https://www.independent.ie/farming/news/farming-to-hit-emissions-target-but-needs-protected-urea-to-sustain-progress-teagasc/a1996633489.html?

• RTé shares 13 tips to save on energy bills, such as switching to LED bulbs, using washing machines and dishwashers only with full loads, and turning down the thermostat by 1° to save 10% on heating bills. It also highlights the benefits of switching utility providers, which can save between 10% and 18% on electricity bills.?https://www.rte.ie/lifestyle/living/2025/0204/1494595-13-ways-to-save-money-on-your-energy-bills/?

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• According to the Irish Examiner, Cork-headquartered DP Energy has received approval for a 430MW wind farm in Queensland, Australia, which will generate enough energy to power around 130,000 households. This project supports Queensland’s goal of a 30% reduction in greenhouse gas emissions by 2030 and will create both direct and indirect employment opportunities. https://www.irishexaminer.com/business/companies/arid-41567791.html?

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• The Irish Examiner reports that SSE Thermal has decided to build the Tarbert Next Generation Power Station in Kerry, a 300MW plant running on biofuels, with potential for hydrogen conversion. The €300m project, set to complete by late 2027, received planning consent last October and has a 10-year capacity agreement. Ansaldo Energia and Atlantic Projects Company will lead the project.?https://www.irishexaminer.com/business/companies/arid-41567767.html?

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• Outlined by Reuters, TotalEnergies reported a 15% drop in fourth-quarter earnings to $4.4 billion, down from $5.2 billion the previous year. This decline was due to low oil prices and weak fuel demand, though higher electricity sales and LNG trading provided some offset. The European refining margin halved, and crude oil prices were nearly $10 per barrel lower. Despite these challenges, Total’s LNG division boosted earnings by 35% to $1.4 billion, ending the year on a higher note. https://www.reuters.com/business/energy/totalenergies-posts-drop-fourth-quarter-profit-weak-oil-demand-2025-02-05/?