The U.K. government has secured a record amount of renewable energy through its fourth and largest funding round in its flagship auction scheme.
The fourth round of the Contracts for Difference (CfD) scheme secured nearly 11 gigawatts across a range of clean technologies, including offshore wind, solar, onshore wind, and — for the first time — floating offshore wind and tidal stream.
CfD are 15-year private law contracts between renewable-electricity generators and the Low Carbon Contracts Company (LCCC), a government-owned company that manages CfDs separately from the government. CfDs provide project developers with the ability to invest in new renewable-energy infrastructure by protecting them from volatile wholesale prices.
“Eye-watering gas prices are hitting consumers across Europe,” said Kwasi Kwarteng, business and energy secretary of the U.K. government. “The more cheap, clean power we generate within our own borders, the better protected we wi