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The Effect of REFIT on Irish Wholesale Electricity Prices

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  • CONOR DEVITT

    (Economic and Social Research Institute, Dublin)

  • LAURA MALAGUZZI VALERI

    (Economic and Social Research Institute, Dublin)

Abstract

This paper evaluates the likely effect of REFIT, the Irish scheme to support renewable electricity generation, on the wholesale price of electricity. The cost of REFIT is passed on to Irish consumers. Here we calculate that, when there are 4,071MW of on-shore wind in the Republic of Ireland, the cost of the REFIT scheme is between 5 per cent and 10 per cent of the gross wholesale price of electricity. Off-shore wind has higher levels of support than on-shore wind, as do technologies that are still in development such as wave and tidal. When off-shore wind, wave and tidal are added to the system, the cost of REFIT increases significantly. We argue that wave and tidal should be sustained with a different scheme that provides capital grants, and that off-shore wind that is channelled to exports should not be supported by Irish consumers.

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Bibliographic Info

Article provided by Economic and Social Studies in its journal Economic and Social Review.

Volume (Year): 42 (2011)
Issue (Month): 3 ()
Pages: 343–369

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Handle: RePEc:eso:journl:v:42:y:2011:i:3:p:343-369

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  1. Huber, Claus & Ryan, Lisa & O Gallachoir, Brian & Resch, Gustav & Polaski, Katrina & Bazilian, Morgan, 2007. "Economic modelling of price support mechanisms for renewable energy: Case study on Ireland," Energy Policy, Elsevier, vol. 35(2), pages 1172-1185, February.
  2. Butler, L. & Neuhoff, K., 2005. "Comparison of Feed in Tariff, Quota and Auction Mechanisms to Support Wind Power Development," Cambridge Working Papers in Economics 0503, Faculty of Economics, University of Cambridge.
  3. Graves, Frank & Litvinova, Julia, 2009. "Hedging Effects of Wind on Retail Electric Supply Costs," The Electricity Journal, Elsevier, vol. 22(10), pages 44-55, December.
  4. Denny, Eleanor, 2009. "The economics of tidal energy," Energy Policy, Elsevier, vol. 37(5), pages 1914-1924, May.
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Cited by:
  1. Gorecki, Paul K., 2011. "The Internal EU Electricity Market: Implications for Ireland," Research Series, Economic and Social Research Institute (ESRI), number RS23.
  2. Farrell, Niall & Devine, Mel & Lee, William & Gleeson, James & Lyons, Seán, 2013. "Specifying An Efficient Renewable Energy Feed-in Tariff," MPRA Paper 49777, University Library of Munich, Germany.
  3. Farrell, Niall & Lyons, Seán, 2014. "The distributional impact of the Irish public service obligation levy on electricity consumption," MPRA Paper 53488, University Library of Munich, Germany.

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