Following the pre-qualification process for Ireland’s first renewable energy auction at the end of April, the expected 1TWh of clean energy capacity won’t be enough to reach the country’s 2020 30% target, missing it by a mere 3% according to global research and analytics firm GlobalData.
The solar, onshore wind, offshore wind, and biomass potential offered in the country’s Renewable Electricity Support Scheme (RSS) may also prove to not be enough to meet the country’s 70% renewable energy target by the original 2030 goal as laid out in its Climate Action Plan.
Somik Das, Power Analyst at GlobalData state that: “The new auction mechanism will help Ireland and the European Union (EU) meet their decarbonization objectives and achieve the regions 2030 targets. Ireland is currently not on track to meet its 2020 renewable energy targets and, based on the current trend, it will fall short of its renewable electricity target of 40% by three percentage points.”
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According to Das, the long-pending implementation of auctions with no further delay provides clarity on the Irish government’s intent to remain on track and achieve its 2030 outlook. “The government gave a clear indication by going ahead with the pre-approval process during the pandemic that it is prepared to deal with all possible challenges” Das noted.
“The pandemic has shown the world that renewable energy is the way forward and this decision at this time might give the nation a better opportunity to meet their 2030 targets. This is a mere start as the nation would need to carry out further auctions once normalcy is attained.”
According to the firm, Spain too has has uplifted its renewable efforts, bringing the Núñez de Balboa solar park online amid the pandemic, to start its journey in the path of achieving its 2030 renewable targets.
Successful bidders will receive a feed-in premium (FIP) on top of wholesale electricity prices for a period of fourteen to sixteen-and-a-half-years depending on project delivery deadlines.
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