Commenting on the publication by the Department for Energy Security and Net Zero of the key parameters for next year’s auction for contracts to generate clean power (Contracts for Difference in Allocation Round 6), RenewableUK's Chief Executive Dan McGrail said: 

“Ensuring that the UK continues to unlock investment in renewables is critical to improve Britain's energy security, drive economic growth, support thousands of new green jobs and enable us to continue to create a lowest cost electricity system for billpayers. With intense international competition for investment in renewables, we welcome the strong commitment to the sector shown by Government today, which demonstrates that the UK is intent on remaining a global leader in offshore wind, as well as innovative technologies like floating wind and tidal stream.  

"There is the potential for the Government to attract a record level of private investment in offshore wind projects next year, with at least ten projects likely to be eligible, able to power 8.5 million homes each year and reduce the UK’s need for gas by 39%. The framework they’ve set out today is a significant step forward in securing this. Although renewables haven’t been immune from the recent rises in financing and supply chain costs which all major infrastructure projects have faced, they remain the lowest cost means of generating new electricity. Even at these new prices, there is still no cheaper way to meet the UK's rising electricity demand and increase our energy security".

KeyFacts Energy Industry Directory: RenewableUK