Details of how the UK will get more electricity from renewable sources will be published today (Monday, 13 September), as the Government announces the biggest-ever round of its flagship renewable energy scheme. The Contracts for Difference (CfD) scheme is the Government’s primary method of encouraging investment in low-carbon electricity. It is open to projects operating in Great Britain. It incentivises investment in renewable energy by providing developers of projects with high upfront costs and long lifetimes with protection from volatile wholesale prices. This in turn ensures consumers don’t pay increased costs when electricity prices are high. £265 million per year will be provided to businesses in the fourth round of the scheme, which aims to double the renewable electricity capacity secured in the third round and generate more than the previous three rounds combined. The additional offshore wind capacity resulting from the funding alone could power around 8 million homes. Today’s announcement contains £200 million to support offshore wind projects. This will help meet the manifesto commitment to ensure the UK has 40GW of capacity by 2030. There will also be £55 million available for supporting emerging renewable technologies. £24 million of that is ringfenced for floating offshore projects for the first time, showing commitment to the development of this high-potential, innovative technology.
BEIS 13th Sept 2021 read more »
Renewable energy developers will compete for a share in a £265m subsidy pot as the government aims to support a record number of projects in the sector through a milestone subsidy scheme later this year. Under the scheme, offshore wind developers will compete for contracts worth up to £200m a year, and onshore wind and solar farms will be in line for their first subsidies in more than five years. Alongside the £200m funding pot for offshore windfarms, there will be a further £55m available to emerging renewable technologies such as tidal power, of which £24m will be earmarked for floating offshore wind farms. The government will also make £10m available to developers of onshore wind and solar farms for the first time since it slashed subsidies in 2015, or enough to deliver up to 5GW of renewable energy capacity.
Guardian 13th Sept 2021 read more »
Energy Voice 13th Sept 2021 read more »