UK awards subsidies to 11GW of renewables
Offshore wind beats onshore wind and solar projects as the cheapest source of power awarded
The UK government has awarded 93 renewable energy projects totalling 11GW in capacity with contracts for difference (CfDs). CfDs—the government's main mechanism for supporting low-carbon electricity generation—provide generators with guaranteed returns by paying the difference between market prices and a pre-agreed ‘strike’ price. “Thanks to today’s record renewable energy auction, we have secured almost 11GW of clean, homegrown electricity—which would provide as much power as around six gas-fired power stations,” says UK business and energy minister Kwasi Kwarteng, noting the projects all have planning permission already. Offshore costs fall Almost 7GW of offshore wind was awarded CfDs at a
Also in this section
26 March 2024
Country has Europe’s largest CO₂ storage potential but regulatory and policy issues must be resolved to enable growth, says Offshore Energies UK
26 March 2024
Largest investment to date will support emission reduction projects across multiple sectors including refining, steel and cement
19 March 2024
Commodity trading companies are set for a key role in shaping green supply chains and providing carbon market liquidity
15 March 2024
Oil major explores potential expansion of Canadian project as investment in CCS gathers pace