Economic opportunity of offshore wind development for South and South East outlined in report
A substantial, €4.4 billion in gross value add, economic opportunity for both the south coast region and Ireland as a result of the development of the south coast offshore wind pipeline has been identified in a study carried out by BVG Associates.
The study is based on a scenario where implementation of the Designated Maritime Area Plan (DMAP) results in the development of approximately 5GW of future offshore wind capacity.
The report found that, overall, the south coast DMAP will deliver an estimated €4.4 billion in gross value add (GVA) benefits to the Irish economy. GVA reflects the total Euro value of the goods and services purchased in the project lifecycle of the offshore wind farms considered. It will also deliver an estimated 49,000 full-time equivalent (FTE) years of employment to the Irish economy. FTE years are a measure of employment activity. Each FTE year is equivalent to one person working full time for one year. It is also equivalent to two people working for six months.
Of these benefits, €2.9 billion and 32,200 FTE years is expected to be captured by the south coast region in the baseline scenario, and €3.1 billion GVA and 34,300 FTE years in the manufacturing upside scenario. This means that the south coast region captures between 66% and 70% of the total Irish GVA and employment benefits associated with the south coast DMAP.
These economic opportunities are in addition to the establishment of community benefit fund scheme(s) that will provide opportunities for local coastal communities playing their part in Ireland’s renewable energy transition. An obligatory community benefit fund scheme through the ORESS 2.1 and future potential auctions within the SC-DMAP area will support a suite of measures for community participation and community gain.
A delegation from the South East Offshore Wind Partnership recently visited the North East of England to see the economic rejuvenation taking place there on the back of a thriving offshore wind industry.
