Wednesday, April 29, 2020
At last, the first competition to be held under the Renewable Energy Support Scheme (RESS) is underway, with the closing date for the submission of the application to qualify for such competition being later this week, 30 April 2020.
This scheme, which will be structured as a two-way floating feed in premium, will provide support to renewable electricity projects. The detailed terms and conditions that apply to the first auction, and to the ongoing administration of the awards made in the RESS 1 Auction, were published earlier this year.
The RESS 1 process was not unaffected by the current COVID-19 pandemic, with the need for the original closing date for submission of the application for qualification to be extended by four weeks, from 2 April 2020 to 30 April 2020, and an entire revision of the RESS 1 Auction Timetable. EirGrid published an updated RESS 1 Auction Timetable on 24 April 2020 available here.
In addition to submitting the application for qualification this week, the bid bond in the amount of €2,000 per MW of the offer quantity must also be posted by 30 April 2020. Where an applicant seeks to withdraw its project from the RESS 1 Auction after submitting its application for qualification, a notice of withdrawal must be submitted to EirGrid by 19 June 2020 or the applicant will lose its bid bond.
The provisional date for announcing the qualified applicants has now been set as 9 June 2020, with the finalised qualification decision date being 10 July 2020.
The revised timetable provides that the one-week Auction submission period will take place between 21 and 28 July 2020, during which time qualified applicants will be required to submit their offers, including the offer prices.
Subject to no further changes or extensions being made to the RESS 1 Auction Timetable, the provisional results of the RESS 1 Auction will be available on 4 August 2020, followed by the finalised results a month later. All successful applicants will receive a notice of award from the Minister for Communications, Climate Action and Environment by 25 September 2020 advising them of their project’s success in the RESS 1 Auction. The date of this notice will trigger the time period within which the applicant must comply with its obligations to enter into the implementation agreement and provide the performance bond in order to secure a letter of offer for RESS 1 Support.
For more information on the RESS 1 Auction and the RESS 1 Terms and Conditions, please contact Siobhan McCabe.