Over £1 billion budget for renewable energy auction

Britain’s flagship renewables scheme has received its biggest ever funding boost from government, with more than £1 billion for its upcoming auction. 

The budget for the sixth Contracts for Difference (CfD) allocation round – confirmed by the Chancellor at Spring Budget – signals large-scale government backing to drive further investment into the UK’s thriving renewables sector and roll out more clean, secure and affordable energy – while helping grow the economy.

This represents the latest step to deliver the long-term change that Britain needs – to improve economic security and opportunity for everyone – while helping protect families and businesses from volatile global gas prices. It is part of government’s plan to strengthen energy security and bring down energy bills in the long-term. 

Following an extensive review of the latest evidence, including the impact of global events on supply chains, the government has allocated a record £800 million for offshore wind, which has been given a separate funding pot. This makes this the largest round yet, with 4 times more budget available to offshore wind than in the previous round.