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Biggest renewables auction accelerates move away from fossil fuels

11 July 2022

Fourth round of Contracts for Difference scheme secures almost 11GW of clean energy - enough to power around 12 million homes - with offshore wind taking the lion’s share with over 7,000MW across six projects. This is alongside the first allocation of a CfD to a floating wind project at £87.30/MWh for the 32MW TwinHub project in the Celtic Sea area.

The fourth round of the Contracts for Difference (CfD) scheme has been the most successful ever, securing almost 11GW across a range of clean technologies, including offshore wind, solar, onshore wind, and - for the first time ever - floating offshore wind and tidal stream – helping to boost British energy security and independence with cleaner, more affordable and diverse energy created in the UK.

CfDs give certainty to project developers to invest in new renewable energy infrastructure by protecting them from volatile wholesale prices. A unique benefit of the CfD scheme is that when wholesale electricity prices are high, as they have been in recent months, generators pay money back into the scheme to reduce the net costs of the scheme to consumers.

more [source: gov.uk]