Britain will hold yearly auctions to support new renewable projects from 2023, the government said on Wednesday, as it seeks to boost low carbon power production to meet its climate goals.
Britain has a target to reach net zero emissions by 2050 and plans to generate 40 gigawatts of electricity from offshore wind by 2030 - up from around 10 GW currently.
Under Britain’s contracts for difference support scheme, the government offers a contract, or strike price, for a guaranteed minimum price of electricity for companies whose renewable projects win in an auction. Some detractors of renewable power have blamed the energy price hike in part on the government’s renewable support schemes which are paid for by levies on electricity bills.
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