UK Government Pledges £290m To Renewable Energies
The UK government has just launched its second ‘green power auction’, opening up contracts to renewable energy suppliers, including biogas plants which need pressure relief valves, worth some £290 million.
According to Energy Live News, this second wave of opportunities under the Contracts for Difference (CfD) scheme is part of the government’s pledged £730 million dedicated to supporting new green projects each year over the course of the Parliament.
Under the contracts, energy producers will be given a certain price for the energy they provide over the next 15 years, helping to encourage green energy projects by making these investments as low risk as possible.
Energy Minister Jesse Norman says that this auction shows that Britain is open for business for businesses looking to invest in this field: “[CfD] 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”, he said.
The auctions will close in autumn, when the final allocations will be revealed and this round of funding is available for delivery in years between 2021 and 2023.
Eligible green energy sources for the auction include energies produced by offshore wind, anaerobic digestion, biomass, wave, tidal and geothermal.
According to Real Business, £52 billion has been invested in the sector since 2010 - with the demand from businesses for a more ethical, eco-friendly source of energy high on the priority list for some seven out of 10 businesses.
For information regarding pressure relief valves, visit Motherwell today.