1 month ago
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The Department of Energy (DOE) said it will release the Terms of Reference (TOR) for the fourth Green Energy Auction (GEA-4) this month, which includes the Integrated Renewable Energy Storage System (IRESS).
The TOR will outline the auction's specific provisions and procedures, covering technical, financial, and commercial aspects, and incorporate insights from previous rounds. The DOE will also solicit feedback on the draft TOR from stakeholders and potential bidders.
IRESS in GEA-4 will be limited to solar power plants with Battery Energy Storage Systems (BESS), the DOE clarified.
Each GEA round's TOR includes key instruments such as the auction design, bonds, instructions to bidders, bidding data, forms and templates, and post-auction requirements, the DOE stated.
The auction aims to boost the renewable energy (RE) fleet and achieve a 35% share of green energy in the country's energy mix by 2030. It provides energy developers with contracts that support the growth of sustainable energy production.
Separately, the DOE has listed 12 developers for the third green energy auction (GEA-3), which covers 4,000 megawatts (MW) of pumped storage, 300 MW of impounding hydropower, 100 MW of geothermal capacity, and 75 MW of run-of-river hydro.
Bidding for GEA-3 will begin this month, with target RE project delivery between 2025 and 2032.
