LONDON – Britain has increased the budget for its current annual renewable power auction by 50% to 1.5 billion pounds ($1.92 billion), the government said on Wednesday.
The new Labour government, which aims to decarbonize the electricity sector by 2030, will offer Contracts for Difference (CfDs) to renewable project developers. The additional 500 million pounds will boost this year’s auction budget to a record high.
Energy Secretary Ed Miliband highlighted the move’s significance in positioning the UK as a global green technology leader. The budget allocation includes significant amounts for offshore wind, established technologies like onshore wind and solar, and emerging technologies such as floating offshore wind and tidal power.
Renewable energy developers welcomed the increased funding, underscoring the importance of private investment, job creation, and energy security. However, analysts caution that more might be needed to achieve the country’s renewable energy expansion targets.
