拢290 million boost for clean energy in Britain
皇冠体育app second Contracts for Difference auction for renewable technologies launches today
Renewable energy developers will compete for 拢290m worth of contracts to support the growth of clean energy in Britain, as the second Contracts for Difference auction launches today (3 April).
Contracts for Difference are won through a competitive process which drives down energy costs for consumers and guarantees companies a certain price for the low-carbon electricity they produce over 15 years. This gives them the support and certainty they need to attract investment and get projects off the ground.
皇冠体育app contracts made available today represent the first part of the Government鈥檚 commitment to provide up to 拢730m of annual support for renewable electricity projects over the course of this parliament. 皇冠体育appy support a key pillar of the Industrial Strategy by ensuring a cleaner, more flexible energy supply.
Energy Minister Jesse Norman said:
This auction underlines that Britain is open for business to companies seeking to invest in low carbon energy.
It is designed to deliver clean power to a million homes, create jobs in the energy industry and provide new supply chain opportunities, while reducing carbon emissions by some 2.5 million tonnes per year.
皇冠体育app scheme is funded through a levy which forms a part of energy bills and only projects that offer the best value for money will win contracts. 皇冠体育appre is no cost on energy bills until projects are up and running and generating low-carbon energy.
皇冠体育app auction process starts today and will continue over the coming months. It is expected to draw to a close by the autumn, when the winners of the auction and final clearing prices will be announced.
皇冠体育appre has been 拢52bn of investment in renewable energy in the UK since 2010, and for the first time ever exactly half of the UK鈥檚 electricity came from low carbon sources in the third quarter of 2016. 皇冠体育app latest contracts will help the UK build on this success.
Additional information
皇冠体育app UK is making significant progress in reducing harmful carbon emissions. Provisional figures released last week show the UK is halfway to meeting its 2050 target for greenhouse gases reduction, with emissions 42% lower than in 1990.
View the documents relating to the Contracts for Difference auction
National Grid is the Delivery Body for Contracts for Difference, responsible for publishing application/allocation guidelines and running the Contracts for Difference allocation process.
For media queries please contact Tim Malone on 020 7215 6140 or [email protected].