| Author (Corporate) | European Commission: DG Energy |
|---|---|
| Series Title | Official Journal of the European Union |
| Series Details | (L) 2024/1344 |
| Publication Date | 21/05/2024 |
| Content Type | Policy-making |
Summary:Recommendation (EU) 2024/1344 - adopted by the European Commission on 13 May 2024 - concerning auction design for renewable energy. Further information:Auctions are defined as a market mechanism which aims to allocate goods in case of excess supply and price discovery for goods with unknown market prices from an auctioneer's perspective. The allocation is based solely on the bids submitted by the participating bidders according to transparent awarding rules. This Recommendation outlines standards elements for the design of auctions for renewable energy. It seeks to help Member States of the European Union (EU) to design auctions that take into account objectives such as quality, contribution to resilience and environmental sustainability. The use of non-price criteria allows higher-value-added projects to be rewarded. The initiative is part of the Commission's European Wind Power Action Plan (2023). This text was adopted by the European Commission on 13 May 2024 as part of a package of documents aimed at improving and streamlining permitting procedures and auctions for renewables. It was published in the Official Journal on 21 May 2024. |
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| Source Link | Link to Main Source http://data.europa.eu/eli/reco/2024/1344/oj |
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| Subject Categories | Energy |
| Subject Tags | Renewable Energy |
| International Organisations | European Union [EU] |
