Luxembourg to pay €10.5 million for Estonian renewable energy quotas

Luxembourg is to buy €10.5 million worth of excess renewable energy quotas from Estonia to try to meet its 2020 target of getting 11% of its total power from renewables -- compared with the 5% last year --  Renewables Now said, citing a report from the Baltic News Service.

Luxembourg is to pay €15 per megawatt hour between 2018 and 2020 with 300 gigawatt hours of transfers being made for next year and 400 gigawatt hours for two years later, it said. Those amounts may be increased.

Estonia uses renewables to generate 28.6% of its power, above its 25% target for 2020 which it reached in 2011, the report said.

Last month, Luxembourg signed a statistical transfer agreement with Lithuania for 700 gigawatts, or more if necessary, between 2018 and 2020, the report said.

(Alistair Holloway, alistair.holloway@wort.lu, +352 49 93 739)