UK Government Confirms up to £557 million for Renewable Energy Projects

Britain’s Energy Minister Richard Harrington has confirmed that up to £557 million will be made available for renewable electricity projects as part of the government’s Clean Growth Strategy.
UK Government Confirms up to £557 million for Renewable Energy Projects

According to Harrington, UK emissions have decreased by more than a third since 1990 while the economy has grown by two-thirds.

The Clean Growth Strategy, which will be published this week, is designed to build on this success and ensure Britain remains a global leader in the move towards a low carbon economy.

Harrington said the strategy “will set out how the whole of the UK can benefit from the global move to a low carbon economy.

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,” he concluded.

As part of the program, developers will compete for up to £557 million of funding in Contracts for Difference auctions which drive down energy costs for consumers. The latest auction saw the cost of new offshore wind fall by 50% compared to the first auction held in 2015 and resulted in over 3GW of new generation which could power 3.6 million homes.

The next Contracts for Difference auction is planned for spring 2019.

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