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Energy UK responds to Government announcement for the next Contracts for Difference Round (CfD)

Responding to the Government’s announcement on the next Contracts for Difference (CfD) round, Energy UK’s chief executive, Emma Pinchbeck said:

“The offshore wind sector has been at the forefront of the UK’s world-leading success in delivering an ever-increasing amount of clean power – thanks to the dynamism and innovation shown by the industry and the early, targeted support of the Government. Our energy security, future prosperity, and ability to achieve ambitious targets all rely on attracting investment and following the disappointing outcome of the last auction round, we have been clear that the Government must take all necessary steps to restore investor confidence.

“We are pleased that the Government has listened and recognised the challenges of a changing geopolitical and economic landscape for investors, which is reflected in the increased strike price for AR6. It’s also good news that offshore wind will compete in a separate pot. However, it is also important that the remaining parameters and final budget notice also reflect the realities of increased global competition for investment and other economic challenges.

“So we also need a comprehensive drive to remove the wider barriers to development – including upgrading grid infrastructure, planning reform, action to promote skills and develop supply chains, as well as much needed clarity about the future design of the market. We hope to see more action to address these issues in next week’s Autumn Statement.”