As a crucial policy measure by the Department for the Economy, the renewable electricity support scheme will issue a new wave of renewable generation projects after a decade of stagnation. The initiative aims to improve the attractiveness of investment in renewable projects in Northern Ireland while also shielding consumers from increases in prices.
According to the KPMG report "Accelerating Renewables in NI," which was commissioned by RenewableNI last year, 82 percent of developers expressed that Northern Ireland was not an appealing location for investment. Lack of government support was named as the main barrier by 37 per cent of investors.
RenewableNI Director, Steven Agnew said: "There is a massive pipeline of renewable projects just waiting on the right policy signals to hit go. Got right and delivered timely, this could be the intervention that is needed. Northern Ireland has gone from leading to lagging behind. There has been only 86MW of new connection in the last decade, compared to 400MW in 2016 when there last was a support scheme.
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"We are in the unique position to have examples from neighbouring support schemes, such as the GB Contracts for Difference and ROI Renewable Energy Support Scheme. While in recent years this meant investment has been diverted away from NI, it now is a positive opportunity to learn from what has and hasn’t worked. RenewableNI is looking forward to working constructively with the DfE to get this right. Working together, we can protect consumers from high costs of energy and ensure a security of supply."
The support scheme will tackle critical elements to reduce investment risks and result in lower prices. RenewableNI says that the new scheme represents just the initial phase of renewable policy required to meet the legal mandate of achieving 80 per cent renewable electricity by 2030.
Steven added: "Everyone knows the decisions made over the next year will determine the success or failure of the 2030 target.
"RenewableNI has been calling for the creation of a new Accelerating Renewables Taskforce. The climate emergency isn’t being treated that way. Planning timelines, grid development and policy uncertainly need urgent action."
