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Britain announces 205 million pound auction for renewable power projects

LONDON (Reuters) – Britain’s next auction round to spur renewable power projects will be worth about 205 million pounds ($247 million), the government said on Thursday.

The British government has set targets for major increases in wind power generation, for instance, as it seeks to meet a goal of net zero emissions by 2050 and become more independent of imported energy after supply disruption caused by Russia’s invasion of Ukraine.

“Continued investment in renewable energy will limit the impact of events like Putin’s illegal war in Ukraine and drive our overriding priority for the UK to have amongst the cheapest wholesale electricity prices in Europe,” Energy Security and Net Zero minister Graham Stuart said in a statement.

This will be the fifth round of the Contracts for Difference (CfD) auctions that offer a guaranteed price for electricity for new renewables projects.

Application for the auction is expected to open this month while the timeframe for the outcome later this year will depend on whether any unsuccessful applicants appeal.

The auction announcement comes after renewable project developers were left disappointed by Britain’s budget announced on Wednesday.

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They had been seeking a change to the Electricity Generator Levy (EGL), which the government implemented from the start of this year to combat high energy prices, and which the industry says is a de facto windfall tax.

No changes were announced but the government said measures to support energy security will be announced later in March.

($1 = 0.8300 pounds)

 

(Reporting by Susanna Twidale; Editing by David Goodman)

 

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