UK Boosts Wind Farm Support Price to Get Projects Back on Track

11/16/2023 08:57
UK Boosts Wind Farm Support Price to Get Projects Back on Track

The UK government raised its price support for building offshore wind farms by 66%, in a bid to revive its renewables push by attracting developers after they shunned a previous auction.

The UK government raised its price support for building offshore wind farms by 66%, in a bid to revive its renewables push by attracting developers after they shunned a previous auction.

The ceiling for bids from companies to install turbines at sea in next year’s auction has been raised to £73 ($91) of guaranteed revenue per megawatt-hour of power generated, the Department for Energy Security and Net Zero said in a statement on Thursday. The number is a steep rise on £44 for this year’s auction round and confirms an earlier report by Bloomberg News.

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