The Renewable Energy Feed in Tariff (REFIT) schemes offer a guaranteed price to generators of renewable electricity. Under the terms and conditions of the REFIT schemes, REFIT payments are made to the electricity supplier with whom the REFIT applicant has entered into a REFIT Power Purchase Agreement (PPA).
The suppliers pay the generators on the basis of the PPA contract between the two parties. The PPA price must be at least equal to the relevant REFIT reference price for the specific technology category. Unlike the new Renewable Electricity Support Scheme (RESS) there is no obligation to refund the Public Service Obligations (PSO) if the wholesale electricity price is higher than the REFIT reference price. The REFIT PPAs are commercial agreements between the suppliers and the generators which determine the allocation of any market revenues above the reference prices between the counterparties.
Details of the projects supported by the PSO, including under the REFIT schemes, are published via amendments to the Electricity Regulation Act 1999 (Public Service Obligations) Order 2002, S.I. No. 532/2021 - www.irishstatutebook.ie/eli/2021/si/532/ - contains details of all the projects currently supported.
