Government announces annual auctions to boost renewable plans
The government is ramping up auctions for its renewables scheme.
It announced yesterday that funding auctions through the Contracts for Difference (CfD) scheme will happen annually rather than every two years.
CfDs are the government’s primary method of supporting renewable energy, driving down the cost of technologies and in leveraging £90bn of private investment by 2030.
Business and Energy Secretary Kwasi Kwarteng said: “The more clean, cheap and secure power we generate at home, the less exposed we will be to expensive gas prices set by international markets.”
The change kicks in from March 2023 when the next CfD round opens.
The auction scheme has already reduced the per unit price of offshore wind by around 65 per cent – helping the UK become one of the world’s largest generators of wind power.