The UK Government has announced a significant increase in funding for renewable energy projects, with a new budget of £1.5 billion for the upcoming auction.
This increase of £500 million from the previous budget marks the largest allocation ever for renewable energy initiatives in the UK.
A significant portion of the funding, £1.1 billion, is dedicated to offshore wind projects.
The government’s recent initiatives, including the launch of Great British Energy in partnership with The Crown Estate, aim to create up to 30GW of new offshore wind developments by 2030.
The new budget includes £185 million for established technologies such as onshore wind and solar, an increase of £65 million.
Emerging technologies like floating offshore wind and tidal energy will receive £270 million, an uplift of £165 million.
Overall, the AR6 budget is seven times higher than that of Allocation Round 5 (AR5).
The renewable energy auction will take place in August, with successful projects expected to be announced in September 2024.
Energy Secretary Ed Miliband said: “Last year’s auction round was a catastrophe, with zero offshore wind secured, and delaying our move away from expensive fossil fuels to energy independence.
“Instead, we are backing industry to build in Britain, with this year’s auction getting its biggest budget yet. This will restore the UK as a global leader for green technologies and deliver the infrastructure we need to boost our energy independence, protect billpayers, and become a clean energy superpower.”
Energy Minister Michael Shanks said: “It is our mission for the UK to be more energy secure and to do that we need more renewable energy projects connected to the grid and powering our homes.
“Increasing the budget by more than 50% will boost industry confidence to back clean energy, attracting cutting edge clean technologies to Britain as we accelerate to a decarbonised power sector by 2030.”
