- Published: 17 March 2023 17 March 2023
The UK Government has announced financial backing for its first annual flagship renewables auction. The UK government is offering £205 million in its latest renewables auction.
The Contracts for Difference (CfD) scheme is the government’s mechanism for supporting new British low-carbon electricity generation projects and the government is now offering £205 million for the fifth CfD allocation round (AR5). This includes £170 million for established technologies such as offshore wind, and £10 million ring-fenced budget available for tidal stream technologies.
The UK government continues to support the deployment of renewable power right across Britain, with the scheme so far having awarded contracts to 52 projects in Scotland, which represents around 30% of all CfD projects and around 25% of total CfD capacity. In Wales, the scheme has so far awarded contracts to 9 projects, totalling around 260MW of capacity.