Dáil Éireann Debate, Tuesday - 10 May 2022
186. Deputy Richard Bruton asked the Minister for the Environment, Climate and Communications the terms of the financial support made available to the generators of renewal energy under RESS 1 for the different types of renewable energy. [22826/22]
Amharc ar fhreagraThe Renewable Electricity Support Scheme (RESS) is one of the major Government policies to help deliver on the ambition in the Climate Action Plan 2021 of up to 80% renewable electricity by 2030. Renewable energy projects compete under the RESS in auctions for support for a period up to 16.5 years under a two-way floating feed in premium. This means that they receive the price they bid in at which for RESS-1 projects was an average of €74.08/MWh, which is significantly below the current average wholesale electricity price. The two-way mechanism means that projects receive support from the Public Service Obligation (PSO) Levy up to the price they bid in at. In situations where the market prices is above their bid price, the project pays any additional revenue above their bid price into the PSO Levy.
The details of individual project supports under the Public Service Obligation Levy are a matter for the Commission for Regulation of Utilities (CRU).
