The European Commission (EC) consents to the idea of Ireland initiating electricity generation from renewables. This move is to ensure adherence to the EU objectives without contorting competition.
EU’s executive vice president for competent policy, Margrethe Vestager, states that this Renewable Electricity Support Scheme (RESS) will facilitate the shift to an eco-friendly or green economy according to the EU plans.
Ireland plans to implement this RESS to activate electricity generation from renewables like solar and wind. This move will put Ireland on the map of the countries shifting from greenhouse gas emitter energies to clean energy per the Paris agreement.
The country anticipates the RESS to go on for the next five years on a budget not exceeding €12.5 billion. In this period, support from this scheme will go through auctions before allotment. The suitable technology will win the subsidies in the auction before delving into the production of electricity from renewable. Nonetheless, the Ireland government says that it will be biased towards solar energy producers and offshore wind projects considering their long-term capacity to sustain the country.
Those firms that win the subsidies will get sponsorship for the next 15 years as a premium to this market price. Breaching this contract will result in the energy company paying the fine, which will go to the Irish citizens as low electricity bills.
The RESS details special assistance to communities that start renewable projects. These projects will enjoy grants and loans to facilitate their implementation. Additionally, they will get special treatment in the auctions. The communities in which similar projects are will enjoy funds from RESS contributors to sustainable projects like education, climate action initiatives, and energy efficiency.
Ireland has a comprehensive strategy to ensure that the RESS plan is in action. This strategy enables them to assess the risks and benefits of the measures biased towards the communities with renewable energy projects. The Commission that determines this strategy checks to see if the innovative actions align with the EU’s environmental protection and energy guidelines.
Finally, the Commission is confident that the RESS will transition Ireland into a clean energy country. The RESS follows the EU guidelines in its mission of producing electricity from renewables. The EU’s instructions ensure that the state does not strain from the EU goal of counteracting global warming and climate change resulting from greenhouse gas emissions.