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Renewable energy auctions are increasingly becoming a policy tool of choice to support renewable energy deployment, according to a new publication released by the International Renewable Energy Agency (IRENA).

The six-volume guidebook Renewable Energy Auctions: a Guide to Design, finds that more than 60 countries have now adopted renewable energy auctions, up from six in 2005, largely due to their ability to attract competition and drive down costs. The guide analyses auction design elements and highlights best practices for policy makers and investors considering auctions in their own countries. It finds that auctions around the world attract investment and decrease costs through competition.

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