The total volume of bids exceeds the underbidding's fixed volume 2.7 times. Renewable power offers range from e18.99 to €45 per megawatt-hour.

Support sums are calculated by subtracting the given hour's market price of electricity from the bid price. In other words, the lowest bid would see the producer qualify for support if the market price falls below €18.99.

The lowest bid was entered by Energy Estonia, owned by Austria's Enery Österreich GmbH, the various offers of which put the price for 50 gigawatt-hours of solar power at €18.99 for the first hour and €19.77 for the second hours.

Enery Estonia subsidiaries Rummu Solar Park and Congsolar entered bids for €19.77, with another 10 GW-h plant owned by the company entering a bid for €19.80.

Grid operator Elering said that initial calculations suggest bidders with bids under €34.90 for guaranteed sales revenue will qualify for renewable energy support.

Elering CEO Taavi Veskimägi said that the underbidding shows considerable interest in constructing new production capacity. "The bids we received suggest that new power plants are viable even without support," he said.

Next, the bids will be checked for compliance with conditions before the government approves support recipients from among those who pass the checks.

Support conditions cap renewables support at €20 per megawatt-hour, with support becoming unavailable when the hourly market price exceeds €45.

Successful bidders need to launch production by the start of 2026 at the latest. The maximum support period is 12 years.

--

Follow ERR News on Facebook and Twitter and never miss an update!