1996 failed to support the intended growth in wind development. Between 2006 and 2015, the government supported a REFiT, secured for 15 years. The 2020 REFiT reference price for large wind (>5MW) is €70.98 /MWh and for small wind (<5MW) is €73.47/MWh. In June, 2020, Ireland will run its first competitive renewable energy auction under the government's new Renewable Energy Support Scheme (RESS-1). RESS-1 support is structured as a two-way floating feed-in premium (FIP), roughly the difference between the 'strike price' set in the successful auction bid and the 'market reference price'. When costs of electricity suppliers exceed market revenues a Support Payment will be due to the supplier, and when market revenues exceed costs a Difference Payment will be due from the supplier. An economic analysis of the financial cost of different RESS options, estimated that a least cost auction with floating FIP mechanism would cost a domestic consumer €0.79 per month by 2030 (at 2017 prices). This is significantly less than the current PSO levy rate to fund REFiT costs. Offshore wind power The Arklow Bank Wind Park, located 10 km off the coast of Arklow on the Arklow Bank in the Irish Sea, was Ireland's first offshore wind farm. The wind farm is owned and built by GE Energy and was co-developed by Airtricity and GE Energy. The site has 7 GE Energy 3.6 MW turbines that generate a total of 25 MW. The development of the site was originally divided into two phases with the first phase being the current installation of 7 turbines. The second phase was a partnership between Airtricity and Acciona Energy. Acciona Energy had an option to buy the project after the facility is completed. The wind farm was planned to expand to 520 MW of power. However, in 2007, Phase 2 was cancelled. Although the waters off the Atlantic coastline of Ireland have higher winds, sites along the eastern coastline such as Arklow were chosen because of the shallower waters, which are 20 m deep or less. The National Offshore Wind Association of Ireland (NOW Ireland) announced in April 2010 that 60,000 potential jobs could be created in the Irish marine, construction, engineering and service industries through the development of offshore wind energy in Irish and European waters. NOW Ireland also announced in the same month that over €50bn was due to be invested in the Irish Sea and Celtic Sea