RESS 1 is the first Renewable Electricity Support Scheme by the Government of Ireland and is a pivotal component of the Government’s Climate Action Plan. This RESS scheme will support an investment in Ireland of over €1.4billion and support the recovery by creating roughly 1,000 jobs. The average weighted bid price for the technology neutral auction was €74.08 per MWh. This represents significant savings on previous schemes. Unlike previous schemes, renewable generators will be required to pay back to electricity customers when market prices are high, the bid prices are also fixed over the lifetime of the support and no payments will be made during negative market price periods. The combination of these factors means better value for the electricity customer.
Further information on these projects can be found on the Government website by clicking here.
If you are interested in learning more about renewable energy for your business you can call a member of the Enerpower team on 051 364 054.