Ryan Announces Prices For Offshore Wind Energy

A guaranteed price for electricity produced by offshore wind has been announced by the Minister for the Energy, Communications & Natural Resources.

Minister Eamon Ryan said a price of €140 per megawatt hour is in line with incentives in other countries.

Speaking at the renewable electricity support launch, he said: “The support price is in line with what other countries are offering and without it we would not be able to attract any investment into Ireland. Now, investors can be confident when they invest in offshore wind".

The launch will see the start of a scheme to provide incentives and encouragement for individuals and businesses wishing to invest in or develop power from renewable sources. It does this by providing a guaranteed price for electricity produced by new plants for 15 years.

The National Offshore Wind Association, which represents operators such as Airtricity, said the proposal would help realise the target of generating 33% of Ireland's electricity from renewable targets in 15 years.

Ryan said: “Ireland needs to reduce our fossil fuel import bill and our dependence on imported energy sources. Renewable electricity is a critical cornerstone of Ireland’s approach to moving towards a low-carbon and robust economy.

"Ultimately, this will benefit the electricity consumer and the nation as we move towards a low-carbon and strong economy. Today’s move will help us meet our climate change."

In order to further assist the offshore industry, the Minister said his department is working on a proposal with colleagues from Scotland, Northern Ireland and Wales on the feasibility of building new sub-sea transmission links along the Irish sea: which could be part of a new extended European off-shore grid connecting wind farms from other jurisdictions so that electricity will be produced on a consistent and predictable basis.