This research report reviews and assesses the suitability of possible support scheme options to incentivise renewable investment in Northern Ireland for power generation. A variety of technologies and support scheme options were quantitatively assessed and ranked. In terms of technologies, onshore wind ranked highest in the analysis with CCGT, energy storage, hydro and OCGT in joint second place. This work examined the most common support scheme mechanisms, and it found that the most appropriate scheme for Northern Ireland is a CfD scheme because, based on the analysis and financial modelling, it is more equitable for society as it spreads the investment risk between the generators and the regulator and also reduces market volatility. A levelised cost of energy (LCOE) financial model was built to assess the various support scheme options in Northern Ireland. The results show that between 2030 and 2040 the average LCOE for the generation portfolio rises but then falls from 2040 to 2050.
