- Published: 12 October 2017 12 October 2017
Energy Minister Richard Harrington has confirmed that up to £557 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.
As part of the strategy, developers will compete for up to £557 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% compared to the first auction held in 2015 and resulted in over 3GW of new generation which could power 3.6 million homes. 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. The next Contracts for Difference auction is planned for spring 2019.