Will the UK raise renewables auction budget to £1.5bn?

The UK Government is set to increase its financial support for renewable energy projects, as reported by Bloomberg.

The Contracts for Difference (CfD) Allocation Round 6 (AR6) budget will reportedly rise to £1.5 billion.

This represents a significant increase from the initial £1 billion budget announced earlier this year.

Last year, the CfD round has not awarded any new contracts for offshore wind projects.

The development was seen as a setback for the industry.

The Department for Energy Security and Net Zero has been contacted by Energy Live News for further comments.