A public consultation is currently being undertaken over a new Renewable Electricity Support Scheme in Ireland. The consultation is seeking submissions to certain questions that relate to the design proposition and structure of the new Renewable Electricity Support Scheme. This includes the economic models and avenues to increase consumer participation in the electricity projects.
While a final decision has yet to be made, documents indicate the country’s government plans on introducing incentives to ensure Ireland meets the legally binding national and European Union electricity targets. The country is working to achieve a goal of 16% of the country’s requirements to be generated by renewable energy by 2020. Through this, 40% of electricity, 12% of heat and 10% of transport will come from renewable sources of energy.
The Renewable Electricity Support Scheme Objective
The scheme’s objective is to broaden and diversify the renewable technology mix and enhance security of sustainable energy supply. It also aims to promote economic development and support participation in the transition to a low carbon economy. Ultimately, the overarching objective of the scheme is to ensure a secure and sustainable energy supply of competitively priced electricity to all consumers in Ireland.
The Renewable Electricity Support Scheme will consist of a series of renewable technology auctions to deliver Ireland’s renewable energy targets that are in line with the National Energy and Climate Plan. The auctions will be held consistently throughout the lifetime of the project. This will allow Ireland to utilise falling renewable technology costs, and by not auctioning all the capacity in one go; consumers will not get locked into higher costs for the entirety of the scheme.
European Union State Aid approval will be sought for the Renewable Electricity Support Scheme proposal and the public consultation is open until 3 November 2017.