Sep 26 (Renewables Now) - The Russian government is developing a mechanism that will aim to support renewable energy schemes after the 2024 deadline to achieve a 4.5% renewables generation, according to Deputy Prime Minister Arkady Dvorkovich.
Speaking at an event in Astrakhan, Russian Deputy Prime Minister Arkady Dvorkovich said, as cited by local media, that the plan being devised will seek to build the country’s regulatory system in a way that will facilitate the addition of more solar and wind power capacity and lead to lower costs for consumers. The mechanism, including administrative costs and regulatory challenges, will be discussed with sector companies.
The plan is now in the hands of the Ministry of Energy, power trading system NP Market Council and investors, which are jointly developing proposals on the regulatory framework. An extension of the current incentive regime is not out of the question.
According to Dvorkovich, the plan can be finalised by the end of this year.
Russia currently supports renewables through the long-term capacity agreement (LTCA) system. The country has set a goal for 5.5 GW of installed renewable energy capacity by 2024.