A pot of money totalling £265milion has been made available by the UK government to support renewable energy projects in the upcoming Contracts for Difference (CfD) auction.
The majority (£200m) will be invested in fixed-bottom offshore wind projects, in a bid to help the UK meets its target of 40 GW capacity by 2030 while floating offshore projects can bid for funds for the first time.
Tidal, geothermal and wave technology fall into this category, with £55m put down. The remaining £10m will be used to support technologies such as onshore wind and solar.
Energy Minister Anne-Marie Trevelyan said: “The CfD scheme has helped the UK become a world leader in clean electricity generation and lowered prices for consumers.
“The new plans set out today deliver on the Prime Minister’s Ten Point Plan and will support the next generation of renewable electricity projects needed to power our homes and meet our world-leading climate change targets.”
The CfD tariff replaced the Renewables Obligation and is designed to help the UK meet its net-zero targets through the low-carbon generation of electricity whilst also ensuring an interrupted supply of electricity feeds into the network.
The government is focused on encouraging green energy procurement, with 12GW of wind and solar energy being targeted through the scheme.
Unlocking Britain’s potential
Environmental Audit Committee chairman Philip Dunne MP said: “I am delighted to see that the potential of floating offshore wind and of the tidal stream has finally been recognised as contributors to our future low carbon energy mix.
“This support for renewable energy will help net-zero Britain, provide welcome demand signals to investors, and give industry the confidence it needs to secure the skills for the future.
“While this investment is extremely welcome, the government must also evaluate the infrastructure supporting renewable energy.
“The investment can only do so much if the infrastructure cannot support the projects hoping to be achieved.
“Our committee has highlighted in our work on technological innovations that the connection of expanding offshore wind farms to the grid must be reviewed and that adequate investment is required for deep water
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