News listings

energy-pedia general news

United Kingdom flagUnited Kingdom

Europe / Caspian / CIS >>> United Kingdom

UK Government must accelerate renewable energy deployment, Scotland's green energy supply chain says


09 Jul 2024

Photo - see caption

Scottish Renewables has joined forces with 67 organisations, representing approximately 20,000 jobs from across the renewable energy industry, in an appeal to the new UK Government to accelerate the deployment of renewable energy projects.

The Contracts for Difference (CfD) scheme is the UK Government’s main mechanism for unlocking investment in low-carbon electricity generation. CfD contracts are awarded through annual auctions known as ‘Allocation Rounds’, with Allocation Round 6 (AR6) set to take place this summer.

Despite more than 12GW of renewable energy projects being able to enter the AR6 auction the current budget, set in March 2024, means that only a fraction of these projects will be able to secure investment.

Due to inflation and increased interest rates the AR5 auction failed to deliver any contracts for offshore wind in 2023. This year, the renewable energy industry is looking for AR6 to deliver the capacity that will help the UK Government deliver its clean energy targets such as 50GW of offshore wind by 2030. 

In a letter to the new Prime Minister, Chancellor of Exchequer and Secretary of State for Energy Security and Net Zero, Scottish Renewables has called for an increase to the AR6 budget that the industry body says will provide certainty to vital Scottish projects and supply chains. 

Claire Mack, Chief Executive at Scottish Renewables, said:

'The Contracts for Difference (CfD) scheme has been a trailblazer for boosting investment in renewable energy across the UK. With key deployment targets around the corner, we must maximise capacity in the upcoming CfD allocation rounds.

'Scotland’s renewable energy supply chain is poised to secure the opportunities from our impressive pipeline. However, we will only be able to enable the steady deployment of vital Scottish projects by ensuring CfD budgets match their potential.

'The new UK Government has an immediate opportunity to not only get us back on track to meet our bold targets, but to kickstart economic growth and high-value job creation by uplifting the Allocation Round 6 budget.

'Maximising Contracts for Difference will also pave the way for the cleaner, cheaper and more secure energy for the benefit of communities across the UK.'
 

Original announcement link

Source: Scottish Renewables





Bookmark and Share


A global information service for upstream oil and gas opportunities - divestitures, farmins and farmouts and licensing rounds.


Subscriber Only Deals

Current Deals

Current Upstream Deals: 227

Completed Deals

Completed Upstream Deals: 6595

Company Profiles

Current Company Profiles: 2918

Corporate Activity

Current Corporate Activity articles: 4163

Companies Looking

Current number of articles: 466

Company Sales

Current Company Sales articles:1666

Geostudies

Current Geostudies articles: 985

How to subscribe

energy-pedia Jobs

RSS Feed Widget
See all jobs...


energy-pedia Databank

The energy-pedia databank contains links to information on the world financial and energy markets, including share prices, oil and gas prices and the global stock exchanges. Read more...



energy-pedia Glossary

A list of commonly used terms in the oil and gas industry. Read more...

Subscribe

Subscribe to the FREE
energy-pedia Daily Newsletter
Subscribe

Union Jack Oil 149
Borchwix
Bayphase
Government of South Australia
OPC
Merlin
energy365
Telos NRG
Rose & Assocs
Syntillica
About energy-pedia

energy-pedia news is a FREE news service written and edited by E and P professionals for E and P professionals.

We don't just report the news, we give you the technical background as well, with additional information derived from our unique energy-pedia opportunities service.
Contact us

energy365 Ltd

238 High Street
London Colney
St Albans
UNITED KINGDOM

Tel: +44(0)1727 822675

Email: info@energy-pedia.com