Renewable

April 23 (Renewables Now) - The European Commission (EC) has given the green light to a EUR-385-million (USD 432m) support scheme for renewable power production in Lithuania, it announced on Tuesday.

The Baltic country will introduce a new aid scheme on May 1, 2019 that supports renewable power plants, regardless of their size or the technology used. The backing will come in the form of a premium that is set through a competitive bidding process for all types of installations.

The level of the final premium will not exceed the difference between the electricity market price in the country and the average production costs of onshore wind, which is defined as the most cost-efficient renewable energy technology in Lithuania.

The EC said in a statement that this measure will contribute to the EU environmental goals without unduly distorting competition.

The scheme will help Lithuania achieve its target for a 38% share of renewable energy sources in gross final energy consumption by 2025. The measure will be applicable until July 1, 2025, or until the 38% target is reached.

(EUR 1.0 = USD 1.123)

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