Irish News

Thursday 10 July 2014

State's €26m energy plan makes waves

Published 08/02/2014|02:30

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Pictured at the Marine Renewables Industry Association (MRIA) Forum 2014, sponsored by ESB, were Minister Pat Rabbitte and John McSweeney, Head of Innovation, ESB. Photo: Patrick Bolger
Pictured at the Marine Renewables Industry Association (MRIA) Forum 2014, sponsored by ESB, were Minister Pat Rabbitte and John McSweeney, Head of Innovation, ESB. Photo: Patrick Bolger

THE Government will invest more than €26m over the next three years to help fund the development of devices capable of producing electricity from ocean currents.

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Developers will also receive a guaranteed price for each watt of electricity they produce, which will help attract finance to develop the industry, Energy Minister Pat Rabbitte said.

The 'Offshore Renewable Energy Development Plan' sets out the State's plan for the fledgling industry and includes a payment to operators of 26 cents per kilowatt hour (kwH) of energy produced.

The plan was welcomed by the ESB, which said it provided "clarity" and would help attract funding.

Irish Independent

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