Black Friday Sale! Save huge on InvestingProGet up to 60% off

UK awards subsidy contracts to 8 renewable energy projects

Published 23/04/2014, 07:31

LONDON (Reuters) - The British government on Wednesday awarded investment contracts under a new subsidy regime to eight renewable energy projects, including five offshore wind farms and three biomass plants.

The projects together are worth 12 billion pounds and will support 8,500 jobs in Britain's energy sector, adding up to 4.5 gigawatts (GW) in new electricity generation capacity, the government said.

The contracts were awarded on Wednesday under Britain's new contracts-for-difference scheme which gives renewable power generators certainty of a minimum electricity price over 15 years.

The projects include the Dudgeon offshore wind farm, proposed by Norway's Statoil and Statkraft, Dong Energy's Burbo Bank offshore wind farm and the third biomass conversion unit at Drax's coal-fired power plant.

Drax said on Wednesday it had started legal proceedings against the government's decision not to award a CfD contract to the conversion of its second unit.

(Reporting by Karolin Schaps; editing by Keiron Henderson)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.