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- Government confirms up to £557m for new renewable energy projects
Government confirms up to £557m for new renewable energy projects
The CBI welcomed this news in support of its campaign.
The announcement should be part of a clear pipeline of regular auctions going into the 2020s.
This is part of the government's Contracts for Difference Scheme to support the move to low carbon energy generation.
These clean electricity auctions will be held in 2019 and every two years from then on, signalling support worth up to £557 million for the renewables industry. This new commitment will provide a boost to renewable energy businesses in the North East and Tees Valley, promoting high-quality jobs and growth. It will also help to drive down energy costs and increase business confidence.
This announcement comes just ahead of the launch of the government's Clean Growth Strategy. The Contracts for Difference pipeline will provide some welcome clarity for business, and sets a clear direction of travel.
The government’s Clean Growth Strategy will set out how the whole of the UK can benefit from the global move to a low carbon economy.— Richard Harrington, Energy Minister
We’ve shown beyond doubt that renewable energy projects are an effective way to cut our emissions, while creating thousands of good jobs and attracting billions of pounds worth of investment.
The Clean Growth Strategy will look across the whole of the economy and the country. It includes ambitious proposals on housing, business, transport and the environment, as well as the power sector. It will also show how actions taken to tackle emissions have helped to reduce energy bills for households.
The next Contracts for Difference auction is planned for spring 2019.