UK to hold annual renewables auction

New schedule will start from next year as the UK seeks to bolster low-carbon power generation

The UK has announced it will start to hold renewables contract-for-difference (CfD) auctions annually from 2023 in an effort to accelerate low-carbon power development and reduce dependence on gas. “We are hitting the accelerator on domestic electricity production to boost energy security, attract private investment and create jobs in our industrial heartlands,” says Kwasi Kwarteng, the UK’s business and energy secretary. “The more clean, cheap and secure power we generate at home, the less exposed we will be to expensive gas prices set by international markets.” The UK’s energy regulator, Ofgem, will increase the consumer energy price cap by 54pc from April in response to surging gas prices