Government confirms up to £557 million for new renewable energy projects
The Energy Minister Richard Harrington confirmed last week 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.
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%) our electricity this 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 this 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 £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.
Mr Harrington said: “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.
“We’ve shown beyond doubt that renewable energy projects are an effective way to cut our 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.
For reaction to the strategy and further analysis, look out for the November edition of Energy Now.
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