State's €26m energy plan makes waves
Published 08/02/2014 | 02:30
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.
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.
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