UK Creates £205 Million Budget for Renewable Power Projects
Wind turbines near the town of Rushton, UK.
Photographer: Chris Ratcliffe/BloombergThis article is for subscribers only.
Britain unveiled its budget for a new round of renewable energy project funding, which could help ease mounting concerns that volatile power prices and rising costs are stifling green power development.
Funding of £205 million ($248 million) has been set aside for the fifth round of the government’s Contracts for Difference program, designed to encourage investment in low-carbon power generation. By guaranteeing a price for the power generated by a project, the system has already helped bring almost 27 gigawatts of low carbon capacity to the grid.