The UK government has announced 11 gigawatts of winning bids for various renewable technologies at a record-low price, securing a record amount of renewable power in its flagship auction scheme.
The auction process has secured almost the same amount of green energy as the previous three rounds combined, which amounts to 14 per cent of the UK’s total current electricity capacity and is enough to power around 12 million homes, according to officials.
Almost two-thirds of the auction were awarded to offshore wind, as five projects secured 7GW of new capacity. At £37.35 per megawatt-hour, it is the lowest cost of all renewable technologies and significantly cheaper than the current cost of electricity, which has been trading at over £150/MWh for much of this year. The previous record low had been £39.65, set in 2019.
Overall, the record low prices will save consumers an estimated £58 a year compared to the cost of power generated from gas, according to trade...