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Backing renewables
In a small move towards decarbonisation, the 2016 Budget announced £730mn in auctions to back renewables technologies, including for up to 4 GW of offshore wind and other less established renewables – with a first auction of £290mm. Support for offshore wind will be capped initially at £105/MWh (in 2011–2012 prices), falling to £85/MWh for projects commissioning by 2026.
The first stage of a competition to identify the ‘best value’ for a new generation of small module nuclear reactors in the UK is to be held soon.
Responding to the UK Budget, Scottish Renewables Chief Executive Niall Stuart said: ‘The lack of any further budget to support renewable energy projects this side of April 2021 will be a major blow to large parts of the industry.’ Whilst Doug Parr, Policy Director of Greenpeace, complained: ‘Simply declaring all infrastructure (including HS3, Crossrail 2 and M62 go ahead) good, irrespective of whether it is compatible with government policy on climate change, is an abrogation of responsibility for future generations.’
News Item details
Journal title: Petroleum Review
Subjects: Environmental protection, Banking, finance and investment, Policy and Governance, Offshore wind power, Electricity from nuclear fuel, Nuclear fuels, Renewables, Wind power, Environmental policy, Climate change
