09/02/2022 | Supply chain

Moving to annual clean power auctions is a major step forward towards net zero

09 February 2022 - RenewableUK press release


Welcoming the announcement by the Department for Business, Energy and Industrial Strategy of annual auctions for Contracts for Difference (CfDs) to generate clean electricity, RenewableUK’s Chief Executive, Dan McGrail said:


"Moving to annual CfD auctions is a major step forward which will significantly accelerate the speed of our nation's transition to net zero.  It's good news for consumers too, as it means the UK will be reducing its vulnerability to volatile international gas prices and increasing the volumes of low-cost renewable energy in our energy system. There's a huge appetite among renewable energy developers to invest in building more projects, which will help to grow the UK supply chain at a faster rate. This will enable us to maximise the economic benefits which this sector offers to everyone, especially in parts of the country which urgently need levelling up"


"We need build up to 4 gigawatts of new offshore wind capacity every year to stay on track for net zero, which means quadrupling our current annual rate. Similar increases in onshore wind, solar and other clean power sources are vital too, as well as ramping up the roll-out of innovative technologies like floating wind, green hydrogen and marine power".


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Notes


RenewableUK’s members are building our future energy system, powered by clean electricity. We bring them together to deliver that future faster; a future which is better for industry, billpayers, and the environment. We support over 400 member companies to ensure increasing amounts of renewable electricity are deployed across the UK and to access export markets all over the world. Our members are business leaders, technology innovators, and expert thinkers from right across industry.


More information on annual CfD auctions is available on the BEIS website. 


RenewableUK’s events programme is available here.


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