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Industry warns over £800m CfD budget in 2024

RICHARD HEAP

March 7, 2024

The UK Government has allocated £800m for offshore wind in the £1bn Contracts for Difference tender it is due to open on 27th March.

UK trade association RenewableUK welcomed the clarity but said this budget meant the 2024 CfD tender would fail to meet its potential. It said £800m would only be able to support 3GW-5GW of offshore wind projects, but that more than 10GW of projects are seeking support.

It argued the Government should do more following the total absence of offshore wind projects in the UK’s 2023 CfD tender.

Dan McGrail, chief executive at RenewableUK, said: “This means a delay in attracting billions of pounds in private investment which we could have secured in this year’s auction to build and operate these projects, and opportunities to grow our supply chain to provide goods and services for projects here and abroad will not be maximised.”

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