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.
Low Carbon has announced it’s received an up to £400 million capital commitment from Massachusetts Mutual Life Insurance Company to be directed at large-scale renewable energy projects in the UK.
The UK Government must set a “realistic budget and more sustainable prices” for renewable electricity in the upcoming Contracts for Difference (CfD) auction to prevent limited private investment in solar and wind generation, RenewableUK said.
The Energy Networks Association (ENA) and Ofgem have called on UK industries to support low carbon innovation in a bid to accelerate net zero ambitions.
Energy UK has criticised proposals to impose a revenue cap on low carbon energy generators with it potentially hindering the investment that is needed to safeguard the UK’s energy security and reduce energy bills.