Ireland is strategically positioned to transform its energy sector through offshore wind development due to its abundant maritime resources and high wind speeds. The country aims to reach ambitious offshore wind capacity targets of 5GW by 2030, 20GW by 2040, and up to 37GW by 2050. Policy changes like the Maritime Area Planning Act 2021, the establishment of a maritime regulatory body, and the ORESS scheme provide a supportive framework for developers. However, challenges exist in developing necessary port infrastructure and securing investments to realize these goals. Global challenges in the offshore wind sector, including rising costs and problematic auction designs, have impacted major players like BP, Shell, and Equinor. Ireland faces economic pressures and uncertainty surrounding the ORESS auctions, with developers cautious about price fluctuations affecting their projects. The ORESS 1 auction secured favorable prices, but concerns remain about potential cost increases post-award. The upcoming ORESS Tonn Nua auction introduces cost protection mechanisms like strike price indexation and compensation schemes. However, developers still bear risks related to obtaining necessary consents and managing economic viability during project development. The competitive bidding process aims to drive cost efficiency but poses challenges in maintaining project feasibility from auction to operational stages. Ireland's offshore wind sector shows promise but must navigate economic pressures and uncertainties to achieve long-term success.