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Britain to provide up to 557 million pounds funding for renewable subsidy auctions

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Britain to provide up to 557 million pounds funding for renewable subsidy auctions

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LONDON (Reuters) - The British government said on Monday it will provide up to 557 million pounds of funding for the next clean electricity auctions for less-established renewables.

The next so-called contracts for difference (CfD) allocation round for renewable energy technologies such as offshore wind will open by May 2019, the government said.

Offshore wind and, for the first time, remote island wind providers will be able to bid for contracts to power up to four million homes, it said.

The government will hold another allocation round in 2021 and auctions around every two years.

Depending on the price achieved, the auctions will deliver between 1 and 2 gigawatts of offshore wind each year in the 2020s.

Under the CfD scheme, qualifying projects are guaranteed a minimum price at which they can sell electricity and renewable power generators bid for CfD contracts in a round of auctions.

(Reporting by Nina Chestney; editing by Jason Neely)

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