Britain reforms electricity scheme - Aims to accelerate renewable energy projects
The British government made several changes to its main scheme for promoting clean energy projects, extending contract terms and changing the way auction budgets are set in a bid to speed up the implementation of renewable energy.
Offshore wind power is at the heart of Britain's plans to decarbonise its electricity sector by 2030. It aims to increase capacity to 43-50 gigawatts by the end of the decade, from around 15 GW now, although a government report in November said it would be a challenge to achieve that goal.
Britain's Contracts for Difference scheme is its main mechanism for securing clean energy projects, and it holds annual auctions for subsidies, offering a guaranteed minimum price for the energy produced to help encourage investment in new projects.
Under the new rules, contracts for offshore wind, onshore wind and solar energy projects will be increased to 20 years from 15 years, the government said in a statement, adding that the longer terms would spread costs over a longer period for consumers and provide greater certainty for investors.
The reforms will also change the way auction budgets are set. The Secretary of Energy will now be able to see developers’ bids before setting the final budget, allowing for more accurate capacity procurement and ensuring better value for money for consumers.
"These reforms will give developers the certainty they need to build in Britain, helping to deliver more clean energy projects and supporting thousands of jobs," the Energy Secretary said.
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