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UK’s £1bn budget for renewable energy auction

The Chancellor has confirmed over £1 billion budget for the sixth Contracts for Difference allocation round during the Spring Budget, with £800 million directed towards offshore wind projects

In the latest development announced during the Spring Budget, the Chancellor has confirmed a budget of over £1 billion for the sixth Contracts for Difference (CfD) allocation round.

The CfD scheme provides renewable energy projects with a fixed price for the electricity they produce, stimulating investment in the UK.

This allocation aims to support renewable energy initiatives, with a notable portion of £800 million designated for offshore wind projects.

Energy Security Secretary Claire Coutinho said: “When it comes to renewables, we have a record to be proud of. In 2010, just 7% of our electricity came from renewables, this is now up to over 40%.

“We have the second largest renewables capacity in Europe, which is backed by £300 billion of investment since 2010, with £24 billion since September alone.”

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