The Irish Government last night announced that it had received cabinet approval for a new renewable energy project, similar to the UK’s Contracts for Difference (CfD) auctions.
Like the UK scheme, auctions will be held at significant intervals to capitalise in the falling costs associated with the technology.
The Renewable Electricity Support Scheme (RESS) will also aim to increase community participation in the energy transition and enhance technology and security.
According to the Irish Government, the scheme is designed to deliver Ireland’s contribution towards an EU-wide renewable energy target of 32%, out to 2030, within “a competitive auction-based, cost effective framework”.
Denis Naughten, minister for communications, climate action and environment, said: “RESS has been approved by Government and I will now seek EU State Aid approval. This Scheme will mark a shift from guaranteed fixed prices for renewable generators to a more market-oriented mechanism (auctions) where the cost of support will be determined by competitive bidding between renewable generators.
“The RESS is a critical step in bringing Ireland to a leadership role in relation to renewable energy, climate action, and energy efficiency. Communities are central to the design of the new Scheme and this will have a transformative impact on renewable energy projects right across the country.”
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