The European Commission has approved Ireland’s new multi-billion euro Renewable Electricity Support Scheme under EU state aid rules, it said July 20. The scheme has an estimated budget of between Eur7.2 billion ($8.25 billion) and Eur12.5 billion, and runs to 2025. All renewable power technologies are eligible to bid in the planned auctions for 15-year contracts to receive a premium on top of the power market price. Ireland has also justified preferential treatment for small quantities of solar and offshore wind, given their longer-term potential, the EC said. “This Renewable Electricity Support Scheme will contribute to Ireland’s transition to a low carbon and environmentally sustainable economy, in line with the European Green Deal and our state aid rules,” EC vice president in charge of competition, Margrethe Vestager, said.
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