This article first appeared on the BNEF mobile app and the Bloomberg Terminal.
- First substantial renewable energy subsidy since 2015
- Clean energy investment has plateaued in the interval
The Irish cabinet has approved the overall design of the forthcoming renewable support program. Despite the government’s aims, Bloomberg NEF doesn’t expect the auction system to be sufficient to enable Ireland to meet its 2020 renewables target. The target is based on a share of energy consumption – not installed capacity – so even if a plant comes online in 2020, it would contribute less than a full year of output. As a result, Ireland is on track to face a potentially substantial fine, given that it reached a 9.5-percent share of renewable energy consumption in 2016 compared with its goal of 16 percent by 2020. Or it could pay an uncertain sum to cooperate with other European countries.
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