Monday, 17 April 2023 12:41

Britain looks to widen renewables support scheme

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The UK plans to expand its flagship renewable energy support scheme, the Contracts for Difference (CfD) scheme, to encourage investment in the sector. Under CFDs, generators supply electricity at a fixed, pre-agreed price for the duration of the contract and sell low-carbon energy to the market. Potential changes to the scheme could see applicants rewarded for "non-price" factors, such as supply chain sustainability or addressing skills gaps and innovation. This could help drive investment in the sector, expand the economy and boost the UK's energy security. For example, the government has set targets for a dramatic increase in wind power as it seeks to achieve a goal of net-zero emissions by 2050 and becomes more reliant on imported energy after Russia's invasion of Ukraine disrupted supplies. Critics say the lack of new investment and incentives means it cannot provide any new impetus to the country's green energy industry.

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