The European Fee (EC) has accepted a EUR 193 million offshore wind help scheme in Lithuania to foster the nation’s transition in the direction of internet zero.
The undertaking, to be supported below the scheme, will probably be chosen by means of a aggressive bidding course of for a specified space within the Baltic Sea with a capability of 700 MW.
Underneath this measure, the help will take the type of a variable premium below a two-way contract for distinction (CfD) for a period of 15 years.
The beneficiary will probably be entitled to obtain assist equal to the distinction between the strike worth and the market costs for electrical energy, however will even be required to pay the distinction between the 2 costs to the state as quickly because the market worth is above the strike worth.
“This €193 million Lithuanian scheme will allow Lithuania to speed up the rollout of inexperienced power tasks, resembling offshore wind farms. It will contribute to the EU Inexperienced Deal’s formidable power and local weather targets, with out unduly distorting competitors within the Single Market,” mentioned Didier Reynders, commissioner in control of competitors coverage.
As reported initially of July, Lithuania accomplished its first 700 MW offshore wind tender, with Ocean Winds and its strategic accomplice, Ignitis Renewables, introduced because the provisional winners.
On the finish of 2022, the Lithuanian Ministry of Vitality introduced ahead an modification package deal to the Legal guidelines on Renewable Vitality and Electrical energy which facilitates the nation’s second 700 MW tender and accelerated tendering procedures.
It’s anticipated that the second offshore wind farm, deliberate to be put out to tender this autumn, might produce its first energy as early as 2028.
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