Responding to the publication of the Contracts for Difference (CfD) AR7 Budget for offshore wind technologies, Adam Berman, Energy UK’s Director of Policy & Advocacy, said:
“This is a step in the right direction towards an increasingly secure future power system with offshore wind as the backbone of the UK’s renewables capacity. The competitive CfD process remains the best mechanism to ensure British renewable capacity is secured at the lowest cost.
“It’s right that the Government is focused on procuring renewables projects that represent best value for money. This is only the start of the auction process, and expanding the budget remains a possibility if it can represent strong value to consumers and the broader economy.
“Today’s budget announcement will provide investors with the confidence needed to continue investing millions of pounds every day to secure our country’s energy future. It’s critical that the Government continues to work closely with the sector to maintain ambition for the upcoming auction rounds for offshore wind and other technologies.”
NOTE TO EDITORS: Energy UK has today published an explainer on the CFD scheme, detailing how it enables developers to commit billions of pounds in long-term investments while ensuring this new generation capacity is obtained at best value for the public purse.