A clean energy auction was launched by the UK government that saw energy developers competing for $361 million of contracts to support the growth of renewables in the country.
According to the British government, the auction—called “Contract for Difference”—can be won through a competitive process that would guarantee businesses a particular cost for the low-carbon energy they would produce over a period of 15 years. Also, the winning bidder should offer the potential to help cut energy costs across the country.
Explaining the purpose of the auction, UK Energy Minister Jesse Norman stated:
“This auction underlines that Britain is open for business to companies seeking to invest in low carbon energy.
“It is designed to deliver clean power to a million homes, create jobs in the energy industry and provide new supply chain opportunities, while reducing carbon emissions by some 2.5 million tonnes per year.”
Since 2010, the country has been attracting huge investments in clean energy already totaling to more than $64 billion.
The auction process is expected to finish by autumn this year.