The next UK Contracts for Difference (CfD) auction is planned for spring 2019, the UK Government informed today, along with the announcement that up to GBP 557 million will be made available for renewable energy projects as part of the Clean Growth Strategy.
As part of the strategy, developers will compete for up to GBP 557 million of funding in Contracts for Difference auctions.
The latest CfD round was launched in April 2017, resulting in three offshore wind projects being awarded Contracts for Difference with strike prices going as low as GBP 57.50/MWh, 50% lower compared to the results of the first auction held in 2015.
The three projects are the 860MW Triton Knoll offshore wind farm off England, the 1,386MW Hornsea Project Two off England, and the 950MW Moray Offshore Windfarm (East) off Scotland.
GBP 290 million was made available for renewable energy projects in this year’s CfD auction.
Confirming the new funds for renewables within the government’s Clean Growth Strategy today, Energy Minister Richard Harrington said: “The government’s Clean Growth Strategy will set out how the whole of the UK can benefit from the global move to a low carbon economy. We’ve shown beyond doubt that renewable energy projects are an effective way to cut our emissions, while creating thousands of good jobs and attracting billions of pounds worth of investment.”