Following the completion of the pre-qualification procurement process for its first renewable auction at the end of April, the Renewable Electricity Support Scheme (RESS) is likely to allocate 1TWh of clean energy from solar, onshore wind, offshore wind, and biomass. Successful bidders will receive a feed-in premium (FIP) on top of wholesale electricity prices for a period of 14 to 16.5 years depending on project delivery deadlines.

Somik Das, Power Analyst at GlobalData, comments:“The new auction mechanism will help Ireland and the European Union (EU) meet their decarbonization objectives and achieve the regions 2030 targets. Ireland is currently not on track to meet its 2020 renewable energy targets and, based on the current trend, it will fall short of its renewable electricity target of 40% by three percentage points.

“The long-pending implementation of auctions with no further delay provides clarity on the Irish Government’s intent to remain on track and achieve its 2030 outlook. The Government gave a clear indication by going ahead with the pre-approval process during the pandemic that it is prepared to deal with all possible challenges.

“The pandemic has shown the world that renewable energy is the way forward and this decision at this time might give the nation a better opportunity to meet their 2030 targets. This is a mere start as the nation would need to carry out further auctions once normalcy is attained. Simultaneously, Spain too has uplifted its renewable efforts and has brought online a solar Park amid the pandemic, to start its journey in the path of achieving its 2030 renewable targets.”