The U.K. government has just announced a record-breaking number of renewable energy projects approved through their latest auction round!

This is a significant milestone in the push for clean power by 2030, driven by the Contracts for Difference (CfD) auction scheme, which has seen a 50% increase in budget allocation.

Here’s what this means:

– 131 new renewable energy projects across onshore wind, solar, and tidal energy have been greenlit! This is a significant increase from previous rounds and will provide enough electricity to power 11 million homes. ️

– Offshore wind is back in a big way! Nine new contracts have been awarded, including the future giants Hornsea 3 and 4 – set to be Europe’s largest and second-largest wind farms!

While these projects’ long-term potential is promising, the short-term impact will likely result in higher third-party costs and consequently electricity rates. Therefore, reviewing forward contracts and preparing for market fluctuations is crucial.

At CES, we help businesses navigate the evolving energy landscape, ensuring you make informed decisions that balance sustainability and cost-effectiveness.

Renewable energy offers immense opportunities for the future, but understanding how it affects your bottom line is essential.