Ireland’s 0.65GW of RESS 3 Renewable Capacity Award shows similar behaviour to GB CfD AR5

Following on from the stark results of GB Contracts for Differences Allocation Round 5 results, Ireland has also taken a blow to its Renewable Electricity Support Scheme (RESS) 3 with the lowest capacity awarded since the scheme began.

Average strike price evolution has volleyed:

The Irish scheme is based on a similar CfD style structure to the GB market and designed to provide a route to market for renewable energy projects. Strike prices are higher in RESS 3 compared to the previous two rounds, displaying similar behaviour to the GB CfD results.

The Irish government wishes to deliver 80% of its electricity from renewables by 2030, yet inertia in planning permission and grid connection is hampering progress, along with the rise in project capex with tightening supply chains.

Both Irish and GB price stabilisation schemes will need a revisit in terms of design to enable both GB and Ireland to increase the clean energy momentum needed to meet net zero targets in future rounds, and much of these discussions we hope, will be happening now.