New green energy legislation is expected to stimulate £500 million in private sector investment in Northern Ireland over the next five years, it was announced today.
The Renewables Obligation for Northern Ireland (NIRO) requires electricity suppliers to generate a proportion of electricity from environmentally friendly, renewable sources or buyout their obligations under the scheme.
Enterprise minister Barry Gardiner said: "The commencement of the NIRO represents a watershed for the development of renewables in Northern Ireland and paves the way for around £500 million of private sector capital investment in Northern Ireland's energy system over the next five years."
From April 1st this year 2.5 per cent of electricity generated should come from renewable sources. This is to rise annually to 6.3 per cent by 2013.
NIRO will impact on consumers' bills as electricity production costs rise.
The British government said the increase could be "less than 1 per cent per annum until 2010," though the industry believes it will be 1 per cent or even a little more each year.