The European Commission has approved Ireland's Renewable Electricity Support Scheme (RESS), considering that it complied with EU State aid rules without unduly distorting competition. Moreover, the scheme is expected to help Ireland meet its national target to reach a share of 70% of renewables in its power mix by 2030.
The RESS plans to award financial support to renewable power projects through technology-neutral auctions under the form of a contracts for difference (CfD), while offering a preferential treatment for a small quantity of electricity from solar and from offshore wind. Renewable projects developed by energy communities will benefit from grants and loans and will take part to auctions in a special category to ensure that some of these projects are selected in auctions. Auction winners will receive a premium over a 15-year period, when the market price is below a strike price; when market prices are above the strike price, the project developers will have to reimburse the difference as electricity bill reductions for Irish consumers. The RESS will have a total budget of €7.2bn to €12.5bn until 2025.
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