Ireland: Irish National Smart Metering Programme recognised as key for European climate action

• EIB Vice President highlights climate impact of EIB – ESB cooperation
• Successful implementation of National Smart Metering Programme welcomed
• Initiative to help reduce energy bills and carbon emissions

Ioannis Tsakiris, European Investment Bank Vice President today praised the partnership between the EIB and ESB and underscoring the importance of investment that is delivering a smarter, more efficient energy system during a visit to the headquarters of ESB in Dublin.

Vice President Tsakiris welcomed the progress of Ireland’s National Smart Metering Programme that is transforming how almost 2 million Irish households, farms, and businesses manage their energy use, helping them monitor consumption patterns and shift to more efficient energy tariffs.

The EIB is providing €450 million to support implementation of the programme, which aims to reduce carbon emissions and enhance the use of renewable energy across Ireland.

Paul Stapleton, Chief Financial Officer of ESB, who hosted Vice President Tsakiris, highlighted the critical role that smart meters play in achieving Ireland’s renewable energy ambitions. “EIB funding has been instrumental in helping deliver a more flexible, responsive energy system for Ireland. Smart meters are a key enabler in making more efficient use of Ireland’s renewable resources, allowing consumers to play an active role in reducing carbon emissions while enhancing their ability to manage energy use effectively. Together, we are building a future-ready energy network that benefits both the environment and our customers.”

 “The EIB is proud to support the National Smart Metering Programme, which represents a significant step forward in Ireland’s energy transition. By working closely with ESB, we are helping Irish energy customers fully benefit from a smart energy system that enables better energy management, increased use of renewable energy, and a reduction in fossil fuel dependency. This partnership reflects the EIB’s commitment to investing in projects that drive the decarbonisation of Europe’s energy sector.” said Ioannis Tsakiris, European Investment Bank Vice President.

The National Smart Metering Programme is providing Irish consumers with access to more detailed information about their electricity usage, enabling them to reduce overall consumption, lower costs, and cut carbon emissions. Smart meters provide precise, up-to-date information on energy usage, helping to better manage energy demand and encourage a shift away from fossil fuels.

Ireland’s National Smart Metering Programme- is part of the country’s wider energy strategy to meet ambitious climate targets, enhance the flexibility of the grid, and integrate a growing share of renewable energy sources into the national energy mix.

The European Investment Bank has provided more than EUR 5 billion for energy investment across Ireland since 1976, including support for renewable energy, energy distribution and transmission and smart meters.

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.