Energy trade association RenewableUK has proposed extending the duration of contracts in the UK renewables scheme from 15 to 20 years.
This change is aimed at improving investment in long term energy projects and ensuring stability in the sector.
The Contracts for Difference (CfD) scheme supports renewable energy projects through competitive auctions.
The latest auction secured 9.6 gigawatts (GW) of new capacity, including the world’s largest floating offshore wind farm.
RenewableUK has proposed five reforms to improve the CfD scheme.
The new report, “Revitalising the Contracts for Difference Scheme,” suggests updating the auction parameters to better reflect market conditions and setting specific targets for each technology.
It also recommends offering more flexibility in project delivery timelines and continuing existing reforms.
RenewableUK’s Chief Executive Dan McGrail said: “Several of the proposals can be implemented without major legislative reform in time for the next auction round in 2025, reducing costs whilst ensuring we procure increasing levels of new renewable energy as we look towards 2030 and beyond on our journey to becoming a clean energy superpower.”
The post Call for extending UK renewables scheme contracts to 20 years appeared first on Energy Live News.
Take the Survey at https://survey.energynewsbeat.com/
Be the first to comment