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Finance

UK offers £205m to renewable energy projects

The UK government has committed to boosting its clean energy sector with a £205 million budget for the latest round of the Contracts for Difference (CfD) scheme.

The government’s flagship mechanism has already supported almost 27GW of low carbon electricity generation projects and the fifth allocation round is expected to further encourage green industries and jobs.

The budget includes £170 million for established technologies such as offshore wind, as well as a £10 million allocation for tidal stream technologies, aimed at unlocking a tidal power industry in the UK.

Graham Stuart, the Minister of State for Energy Security and Net Zero, has emphasised the importance of the CfD scheme in delivering clean, domestic energy and promoting green industries and jobs.

Mr Stuart said: “Today’s budget announcement, the move to annual auctions and continued investment in renewable energy will limit the impact of events like Putin’s illegal war in Ukraine and drive our overriding priority for the UK to have amongst the cheapest wholesale electricity prices in Europe.

“I am excited to see the opportunities that will open for Britain’s world-class renewable industries as annual auctions kick off this year, enhancing the UK’s reputation as among the most attractive places to invest in for a secure, affordable and prosperous future.”

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