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What will be the average price per megawatt-hour (mWh) for the new clean energy projects by December 31, 2026?
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Resolution / Starting Odds
Less than £50/mWh • 25%
Between £50/mWh and £58/mWh • 25%
More than £58/mWh • 25%
Other • 25%
UK Government energy reports and announcements
Story
UK Government Secures Record 131 Clean Energy Projects, Including 5.3GW Offshore Wind at £58/mWh
Sep 3, 2024, 07:40 AM
The UK government has secured a record-breaking 131 new clean energy projects in its latest renewable energy auction. This includes nine offshore wind farm projects, contributing a total of 5.3 gigawatts (GW) of offshore wind power at £58/mWh. The auction also saw significant contributions from solar and onshore wind, with 3.3GW of solar power and 1GW of onshore wind power secured at £50 for onshore. Additionally, the world's largest commercial-scale floating offshore wind project was awarded. The projects are expected to provide enough energy to power 11 million homes. Major winners of the auction include Denmark's Orsted and Spain's Iberdrola. The auction represents a significant step forward for the UK's clean energy goals, especially after last year's auction failed to attract any bidders. The auction was conducted under the Contracts for Difference scheme.
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