- Published: 03 August 2023 03 August 2023
The UK Energy Security Secretary has announced a £22 million increase in government backing for renewables through the Contracts for Difference scheme, taking the total budget to £227 million for this auction.
The scheme – launched in 2014 – is the government’s main system for supporting low-carbon electricity generation. The increased funding combined with the introduction of annual auctions this year, will boost investments in Britain’s renewable industry. The new funding for the current round (AR5) will mean:
- an increased budget for established technologies such as solar and offshore wind – from £170 million to £190 million
- an increase in the budget for emerging technologies such as floating offshore wind – up from £35 million to £37 million
- maintaining £10 million ring-fenced budget for tidal stream projects