Ireland Awards 414 MW Of Wind, 1534 MW Of Solar Projects At $101.80/MWh

FuturEnergy JV & Greencoat Renewables Unite for Onshore Wind in Ireland

EirGrid, state-owned power grid of Ireland, has recently released the list of final bidders winning the auction of twin deployments – 414 MW onshore wind and 1534 MW solar – under the aegis of Renewable Electricity Support Scheme 2 (RESS 2). The auction put to rest the price bands as the average price of the winning bids stood at €97.87 (~$101.80)/MWh.

Of the five minimum auctions mandated to organise between 2020 and 2025, this auction is second leaving three more to follow later. RESS auction throws open the competition among the bidders to determine the prospective generators seeking support for approximately 15 years. Representing a potential increase of nearly 20% in Ireland’s current renewable energy generation capacity, the successful bidders are to deliver between 2023 and 2025.

A government initiative supporting renewable electricity projects, RESS is a pivotal component of the Climate Action Plan 2021 and aims at achieving Ireland’s target of at least 80% renewable electricity by 2030. The renewable developers, including solar and offshore wind projects, are asked for the blueprints during the dedicated offshore auctions, to plan and successfully develop. Ireland’s target is 51% reduction in its greenhouse gas emissions by 2030 and related carbon budgets.

It replaced the old renewable feed-in tariff system, which simply guaranteed a set minimum price. Households and businesses pay for the scheme through a public service obligation levy on their electricity bills. However, current high power prices are likely to mean the levy will be set at zero later in the year. Meant to aid the development of wind and solar electricity projects in Ireland, every mega watt hour of electricity generated by renewables such as wind and solar can power around 400 average homes.

Between 55% and 60% of the price of electricity in Ireland is the price at which generators sell power to our wholesale electricity market in Ireland. The cost of transmitting and distributing electricity accounts for another 30% and includes system charges to cover network investment and operation as determined by the Commission for Energy Regulation.

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