RenewableUK welcomes the Government’s announcement on the parameters for the 4th allocation round of Contracts for Difference, which support investment in new renewable energy projects. 

The Government’s announcement removes the overall cap on the new renewables capacity that could be secured in the upcoming auction and confirms the budgets available. The industry had previously called for this cap to be lifted, reflecting the growing appetite from companies and investors in UK projects. 

Commenting on the announcement, RenewableUK CEO Dan McGrail said: 
“Today’s announcement will encourage even greater investment in renewables and is a huge boost for the UK’s green recovery. We could see investment of over £20bn on the back of the next clean power auction, which will boost jobs and the UK supply chain, and cut costs for consumers in the transition to net zero. 

“The sector had called on Government to increase the ambition for new renewable energy capacity at the upcoming auction and that is reflected in today’s announcement. In this round we want to see just how low the price of new solar and onshore wind has fallen in the past five years, and make sure that the auction does the heavy lifting to take us towards our 2030 target of 40GW offshore wind.   

“There is a huge appetite for investment in floating offshore wind in the UK, it’s a technology that is vital for net zero and which has a truly global potential. The dedicated support for floating projects at the upcoming auction will help the UK to compete with the other countries vying for global leadership in this new technology”.

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