US$742 million for new UK Renewable Energy Projects
Posted by Times News on Tuesday, 19th December 2017
Up to US$742 million is planned for the next clean electricity auctions for less established renewable ahead of the launch of the Clean Growth Strategy.
• Last auction saw cost of offshore wind halved and secured enough renewable capacity to power 3.6 million homes.
• UK decarbonising faster than any other G20 nation
Energy Minister Richard Harrington confirmed last October that up to US$742 million will be made available for less established renewable electricity projects as part of the government’s Clean Growth Strategy, to drive economic growth and clean up the energy system.
Since 1990 the UK’s emissions are down by more than a third while the economy has grown by two-thirds. Low carbon generation provided more than half (52 per cent) of electricity last summer, according to National Grid, while PwC analysis shows the UK decarbonising faster than any other G20 nation.
The Clean Growth Strategy will build on the success and ensure Britain remains a global leader in the move towards a low carbon economy. It will ensure the whole country can benefit from new technologies, jobs, and businesses that are good for consumers, the environment and the economy.
As part of the strategy, developers will compete for up to US$742 million of funding in Contracts for Difference auctions which drive down energy costs for consumers and increase business confidence. The latest auction saw the cost of new offshore wind fall by 50 per cent compared to the first auction held in 2015 and resulted in over 3GW of new generation which could power 3.6 million homes.
According to Energy Minister Richard Harrington, the government’s Clean Growth Strategy will set out how the whole of the UK can benefit from the global move to a low carbon economy. And show beyond doubt that renewable energy projects are an effective way to cut emissions, while creating thousands of good jobs and attracting billions of pounds worth of investment.
The Clean Growth Strategy will look across the whole of the economy and the country. It includes ambitious proposals on housing, business, transport and the environment, as well as the power sector. It will also show how actions taken to tackle emissions have helped to reduce energy bills for households.
The next Contracts for Difference auction is planned for spring 2019.