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| Tue, 19th Jul 2022 11:52:00 |
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The UK’s ‘record-breaking’ renewable energy auction |
It’s Tuesday, July 19, and inexpensive renewable electricity is coming to U.K. customers.
The U.K. government announced its biggest-ever renewable energy auction earlier this month, inking contracts with developers to build nearly 11 gigawatts of new capacity in wind, solar, and tidal power. The projects are expected to deliver electricity to the public at a fraction of the price of gas-fired power.
The auction was the fourth and most successful installment of a program called Contracts for Difference. Under the program, companies vie for 15-year contracts by offering to generate electricity at the lowest price — a scheme that regulators say encourages efficiency and lower costs for ratepayers.
In this round of auctions, which secured more than double the renewable energy capacity of the previous round, contractors agreed to build 2.2 gigawatts of solar power, 1.5 gigawatts of onshore wind, and nearly 7 gigawatts of offshore wind. According to an estimate from the website Carbon Brief, these projects — which should be completed within the next five years — will generate enough electricity to meet 13 percent of the U.K.’s current demand.
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