UK to Offer Record £800 Million Support for Offshore Wind
- Cost isn’t paid by government but may be added to energy bills
- UK plans to triple offshore wind capacity to reach net zero
Britain has led the world in subsidizing offshore wind projects.
Photographer: Chris Ratcliffe/BloombergThis article is for subscribers only.
Britain will offer record support for new offshore wind farms in an upcoming auction after the process failed to attract bidders for the technology last year.
The government set a budget of just over £1 billion ($1.3 billion) for renewable energy, with £800 million a year to support the next generation of offshore wind farms, according to a budget document published Wednesday that confirmed an earlier Bloomberg report. The total is three times bigger than any previous support packages.