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Bloomberg
The UK government plans to double the amount of renewable power supported by the country’s main subsidy mechanism and create a new structure that will bolster a variety of technologies, speeding up a wave of new investment.
The next round of the contracts for difference system will clear the way for as much as 12 gigawatts of new green power capacity across three different technologies, according to a statement from the UK’s Department for Business, Energy and Industrial Strategy.
That’s up from 5.8 gigawatts that won contracts last year, an advance that will help the government deliver on Prime Minister Boris Johnson’s plan to cut emissions.
Offshore wind is central to that plan, with the government aiming to quadruple capacity to 40 gigawatts by 2030. The new expanded auction round could drive more than $26.7 billion of investment, according to industry group RenewableUK.
The contracts for difference mechanism has been crucial to bringing down the cost of offshore wind farms in
recent years.