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July 21, 2020

Ireland’s renewable electricity scheme gets EU approval

The Irish government’s Renewable Electricity Support Scheme (RESS) has received passed EU state aid rules.

Ireland’s Renewable Electricity Support Scheme (RESS) has passed EU state aid rules, allowing it to take provide funding for future renewable projects.

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Battery energy storage will be the key to energy transition – find out how

The market for battery energy storage is estimated to grow to $10.84bn in 2026. The fall in battery technology prices and the increasing need for grid stability are just two reasons GlobalData have predicted for this growth, with the integration of renewable power holding significant sway over the power market. Over the last decade, various new digital and smart technologies have been integrated, with countries aggressively promoting the modernization of grids, enhancing the grids’ capability to meet present and future requirements. As part of the effort, batteries are being deployed for a wide range of uses. A few such uses include aiding smart grids, integrating renewables, and creating responsive electricity markets. Read this report for expert insights into:
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The Irish government designed the RESS scheme to help the country transition towards renewable energy. Its targets include making 70% of its energy from clean sources by 2030, while contributing to the EU renewable energy target.

Set to run until 2025, the scheme will have an estimated total budget of between $8.3bn (€7.2bn) and $14.4bn (€12.5bn).

Minister for communications, climate action and environment Eamon Ryan said: “I am delighted to welcome this announcement today from the EU Commission. It endorses the government’s commitment to the Green Deal and launches a renewable energy revolution in Ireland.

“The RESS will provide us with a platform for rapid deployment of onshore and offshore wind and solar projects at scale and at least cost, replacing fossil fuels on our energy grid. It also offers communities the opportunity to produce their own power and share in the ownership of Ireland’s energy revolution.”

Ireland has committed to an average of 7% annual reduction in overall greenhouse gas emissions from 2021 to 2030. It also aims to achieve net-zero emissions by 2050 using the RESS measure to achieve this.

The aid package will supply all eligible technologies that produce clean energy from renewable sources through auctions. Successful applicants will receive support for 15 years, in the form of a premium on top of the market price.

Ryan added: “To date, onshore wind energy has been the most cost-effective technology available to Ireland, however, to drive on and meet our renewable energy ambitions, other technologies such as solar and offshore wind will play a critical role in diversifying our renewable generation portfolio for the period out to 2030.”

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Free Report
img

Battery energy storage will be the key to energy transition – find out how

The market for battery energy storage is estimated to grow to $10.84bn in 2026. The fall in battery technology prices and the increasing need for grid stability are just two reasons GlobalData have predicted for this growth, with the integration of renewable power holding significant sway over the power market. Over the last decade, various new digital and smart technologies have been integrated, with countries aggressively promoting the modernization of grids, enhancing the grids’ capability to meet present and future requirements. As part of the effort, batteries are being deployed for a wide range of uses. A few such uses include aiding smart grids, integrating renewables, and creating responsive electricity markets. Read this report for expert insights into:
  • Market size and growth
  • Key drivers and restraints
  • Regional trends
  • The impact of the commodity price increase on the battery prices
Get ahead of this growing market and win big by utilizing our report.
by GlobalData
Enter your details here to receive your free Report.

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