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Weekly Energy Review – 7th August

Renewable Electricity Support Scheme (RESS)

The Irish Government recently announced the provisional results of the first Renewable Electricity Support Scheme (RESS) auction. The purpose of RESS is to provide financial support to renewable electricity projects in Ireland and the scheme is coordinated by the Department of Communications, Climate Action and the Environment, the Commission for Regulation of Utilities (CRU) and Eirgrid.

The RESS scheme is seen as a critical element of Ireland’s National Energy and Climate Plan which aims to achieve 70% renewable electricity in Ireland by 2030. The results of the auction saw solar and onshore wind projects with a combined capacity of 1,275.5 MW declared ‘provisionally successful.’ In total, the 19 wind and 63 solar projects which have received approval can now begin to sign contracts.

Successful projects secure the right to sign 15-year contracts under which they will receive a premium on top of the market price of electricity. The total budget for the RESS scheme is €12.5 billion until 2025.

The European Commission is inviting feedback from the public on delivering the planned European Green Deal. The Commission is inviting businesses and members of the public to contribute on the review of the EU’s Renewable Energy and Energy Efficiency Directives.

In assessing whether climate action targets should be increased in line with the ambitions of the European Green Deal, the Commission recently published roadmaps on both the Renewable Energy and Energy Efficiency Directives which are open to feedback until 21 September, following which they will go out for wider public consultation.

European Commissioner for Energy Kadri Simson said ‘’It is clear that every path to climate neutrality requires scaling up and accelerating the production of renewable energy, and reinforcing our action on energy efficiency. We have to consider all the tools we have to make that happen. The present roadmaps are the beginning of a process that will guide our future action.’’

The Global Wind Energy Council recently published a report which states that 2019 was the best year in history for offshore wind energy generation. The offshore wind energy industry has been growing by 24% on average since 2013, with China leading new installations over the past two years and accounting for a quarter of overall growth.

GWEC is forecasting that through 2030, more than 205 GW of new offshore wind capacity will be added globally, including at least 6.2 GW of floating offshore wind, with the sector remaining remarkably resilient in the face of Covid-19.

They are predicting that offshore wind will result in the creation of 900,000 jobs across the world over the next decade, becoming a critical part of the world’s energy industry and playing a pivotal role in the transition to sustainable energy generation.

Contact the team and learn how we can help you meet your energy needs: info@naturgy.ie; + 353 1 884 9400.