Recently, the UK government released its budget for renewable energy auction which has made history with £1.5 billion, including £1.1 billion for offshore wind.
Budget which is announced by the new UK government has increased by £500 million and has exceeded by 50% from the budget created in March. Ed Miliband, Energy Security and Net Zero Secretary, said “the target is to increase the funding for new green infrastructure and make the UK reach its clean power generation target in 2030.”
The scheme gives contracts through different auctions where the lowest bid wins. Consumers also get the benefit of cheap power when valuing money. If electricity prices go higher than the Contract for Difference (CfD) price, developers pay back the subsidies they receive.
The budget includes £1.1 billion for offshore wind, £185 million for already set up onshore wind and solar and for new technologies like offshore wind and tidal energy the budget is £270 million .
Funds will help to boost clean, affordable, and low -carbon electricity to families and businesses from renewable energy such as wind turbines and solar panels.
Newly established UK government has initiated various groups to boost renewable energy growth which includes the Clean Energy Mission Board, the Onshore Wind Taskforce, and Great British Energy. In collaboration with the Crown Estate, the government has planned to create 20-30 GW offshore wind projects by 2030.
Companies that make renewable energy and industry groups asked the new government for more investments. They said the country needs more money to build a lot more wind farms by 2030. It is because the country shall meet its targets to expand offshore wind capacity from 15 GW to at least 55 GW by 2030.
Source :
https://www.mercomindia.com/uk-increases-renewable-energy-auction-budget-to-1-5-billion
https://www.reuters.com/world/uk/britain-ups-renewable-power-auction-budget-15-bln-pounds-2024-07-30
