The funding pot for the next Contracts for Difference (CfD) auction (AR5) has been boosted with an additional £22mn.
This now means it will have a budget of £227mn, with the pot for established technologies such as solar and offshore wind increased from £170mn to £190mn, and amount on offer for emerging technologies, including floating offshore wind, uplifted from £35mn to £37mn. The budget for tidal stream projects will be kept at £10mn.
The news came as the government held an industry roundtable with companies across renewables, oil and gas, and nuclear, where it sought to highlight the “immense opportunities” on offer as the energy transition and quest for energy security continues.
With the companies outlining projects that could be built across the UK in the coming decade, collectively worth up to £100bn, a consensus was formed between government and industry on the importance of collaboration across the entire energy sector to boost the UK’s competitiveness and investment in home-grown clean energy; on creating and safeguarding jobs across the country; reducing energy bills for consumers and households; and making progress to net zero.
