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Finance

Renewable energy projects at risk: ‘UK’s latest plans could cause missed investments’

The industry is calling on the government to maintain the £20 million ringfence set in Allocation Round 4 (AR4) to support the UK’s tidal stream potential and investment in coastal communities.

Sue Barr, Chair of the MEC, said: “Maintaining the £20 million ringfence would have supported projects across the UK from the Isle of Wight to Anglesey, Orkney to Shetland.

“The industry shares the government’s desire for TSE to take the same cost reduction journey as wind and solar. This will be achieved through deployment, which requires consistency from the policy environment.”

Responding to the government’s announcement on the next CfD auction, Energy UK’s Deputy Director, Adam Berman said: “While we warmly welcome the introduction of annual auctions, there are real concerns that the government hasn’t properly recognised the cost increases and other challenges that have accumulated for renewables projects over recent months.

“The auction parameters announced today do not appear to reflect a much-changed picture for developers since the last auction. This brings the risk that it will not deliver the amount of projects and capacity that we urgently need to ensure our energy security, cut bills, and reduce emissions.”

ELN has approached the Department for Energy Security and Net Zero for comment.

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