The scheme aims to incentivise the introduction of sufficient renewable electricity generation to meet national and EU-wide renewable energy and decarbonisation targets out to 2030.
Overall, RESS will deliver broader energy policy objectives including enhancing security of supply; diversifying the renewable technology mix; and increasing community participation in and benefit from renewable energy projects.
Announcing the Government's backing for the scheme, Environment Minister Denis Naughten said he will now seek EU State Aid approval.
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"This Scheme will mark a shift from guaranteed fixed prices for renewable generators to a more market-oriented mechanism (auctions) where the cost of support will be determined by competitive bidding between renewable generators," he said.
"The RESS is a critical step in bringing Ireland to a leadership role in relation to renewable energy, climate action, and energy efficiency. Communities are central to the design of the new Scheme and this will have a transformative impact on renewable energy projects right across the country."
Continuing, Minister Naughten said while the auction approach will provide a route to market for multiple technologies, it will do so in a "competitive, cost effective framework".
"The use of certain 'levers', such as near term delivery dates and 'single technology caps', will accelerate the broadening of the renewable technology mix, particularly in light of falling costs for a number of renewable technologies," he said.
(LM/MH)
