Government to set wind power price for 15 years

WIND power promoters have received a major boost after the Government set guaranteed prices for any electricity they produce for the next 15 years.

The guarantee applies to companies who set up offshore wind farms and Energy Minister Eamon Ryan said it would help Ireland achieve a target of meeting 42% of the country’s power needs from green energy by 2020.

The set price is above what it costs to buy in gas and oil, meaning the taxpayer will have to fork out more for the initiative at the outset, but Mr Ryan said electricity costs would fall in the longer term.