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UK Doubles Down On Wind And Solar With More Than $370 Million In Funding

The UK is launching today what it calls the biggest ever round of its renewable energy support scheme, worth some $377 million (285 million pounds).

The British government launched this round of the contracts for the difference scheme in the hopes of stimulating the development of renewable energy capacity of as much as 12 GW. This is more than the capacity tendered in all three previous rounds of the scheme, the UK’s Department for Business, Energy & Industrial Strategy said.

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Most of the money, at $265 million, will go towards building more offshore wind power capacity. Another $99 million will be invested in what the government calls emerging technologies, such as remote island wind, tidal stream power and floating offshore wind power. The smallest portion of the funding, at about $17 million, will be used for solar power and onshore wind.

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“Compared to the previous round, this is open to an expanded number of renewable energy technologies, with offshore wind, onshore wind, solar, tidal and floating offshore wind projects, amongst others, all eligible to bid for funding in the scheme’s auction process – this will ensure we have a more secure, more resilient energy system and support the UK’s transition to net zero through a greater range of energy sources,” the department said.

The UK has some of the most ambitious renewable energy goals in its drive to become a net-zero economy and reduce its dependence on imported gas. The recent price surge in natural gas shook the UK economy, sinking a number of electricity utilities and forcing the country to restart a coal plant in order to secure the nation’s energy supply.

“By generating more renewable energy in the UK, we can ensure greater energy independence by moving away from volatile global fossil fuel prices, all while driving down the cost of new energy,” Business and Energy Secretary Kwasi Kwarteng said.

By Charles Kennedy for Oilprice.com

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Leave a comment
  • George Doolittle on December 14 2021 said:
    All of Europe...and I mean the entire *CONTINENT* to include Turkey and Western Russia produces ZERO liquified natural gas.

    *ZERO ZILCHO NADA, THE BIG "O."*

    Meanwhile in the Netherlands..

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