Up to US$742 million is
planned for the next clean electricity auctions for less established renewable
ahead of the launch of the Clean Growth Strategy.
• Last auction saw cost of offshore wind halved and secured
enough renewable capacity to power 3.6 million homes.
• UK decarbonising faster than any other G20 nation
Energy Minister Richard Harrington confirmed last October
that up to US$742 million will be made available for less established renewable
electricity projects as part of the government’s Clean Growth Strategy, to
drive economic growth and clean up the energy system.
Since 1990 the UK’s emissions are down by more than a third
while the economy has grown by two-thirds. Low carbon generation provided more
than half (52 per cent) of electricity last summer, according to National Grid,
while PwC analysis shows the UK decarbonising faster than any other G20 nation.
The Clean Growth Strategy will build on the success and
ensure Britain remains a global leader in the move towards a low carbon
economy. It will ensure the whole country can benefit from new technologies,
jobs, and businesses that are good for consumers, the environment and the
economy.
As part of the strategy, developers will compete for up to
US$742 million of funding in Contracts for Difference auctions which drive down
energy costs for consumers and increase business confidence. The latest auction
saw the cost of new offshore wind fall by 50 per cent compared to the first
auction held in 2015 and resulted in over 3GW of new generation which could
power 3.6 million homes.
According to Energy Minister Richard Harrington, the
government’s Clean Growth Strategy will set out how the whole of the UK can
benefit from the global move to a low carbon economy. And show beyond doubt
that renewable energy projects are an effective way to cut emissions, while
creating thousands of good jobs and attracting billions of pounds worth of
investment.
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.
The next Contracts for Difference auction is planned for
spring 2019.