Conservatives raised offshore wind price, boosting development

ca.news.yahoo.com

The UK government’s offshore wind auction faced challenges due to a low administrative strike price, leading to no new projects in 2023. The previous Conservative government raised the price to £73/MWh for 2024, while Labour increased the auction budget, facilitating contracts for over 11 million homes. The auction process allows companies to bid for fixed prices per megawatt hour, impacting renewable energy development.


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