The flagship renewable power auction, known as Contracts for Difference, has published the results of its Auction Round 5 (AR5), revealing that just 3.7GW of projects have been awarded funding.
Trade association Energy UK has said that the upcoming Contracts for Difference (CfD) auction will fall short of delivering the required expansion of offshore wind to hit the government’s 2030 target.
According to recently-published data from the Department of Energy Security & Net Zero (DESNZ), wind power produced a “record high” share of the UK’s energy between October and December 2022 at 24.6%.
Cornwall Insight has stated that the rising cost of capital threatens to derail the expansion of renewable energy projects such as onshore wind and solar PV.
The UK Government has announced a £205 million budget for the fifth Contracts for Difference (CfD) funding round, which is the first auction to run annually.
On Monday, the Department of Business, Energy and Industrial Strategy launched a new consultation into key changes to the upcoming Contracts for Difference (CfD) Allocation Round 5 (AR5).
