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EUR 929 Million for Offshore Wind in UK Budget 2016

stander
stander
in Oil, Gas and Energy News

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UK Chancellor George Osborne today announced the Budget 2016, setting aside up to £730 million (approx. €929 million) for the support of offshore wind and other less established renewable technologies for projects generating electricity in 2021 to 2026.

The Contracts for Difference (CfD) auction will back up to 4GW of offshore wind and other less established renewables technologies, with the first auction of £290 million (approx. €369 million). Support for offshore wind will be capped initially at £105/MWh (in 2011-12 prices), falling to £85/MWh for projects commissioning by 2026. The government will continue to control costs on consumer bills, with further details to be announced in the autumn.

http://www.offshorewind.biz/2016/03/16/eur-929-million-for-offshore-wind-in-uk-budget-2016/?utm_source=emark&utm_medium=email&utm_campaign=daily-update-offshore-wind-2016-03-17&uid=58534

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