WIREDGOV

CBI yesterday responded to Contracts for Difference (AR7) awards.

Jennifer Beckwith, CBI Senior Manager Energy Transition, yesterday said: 

“Against the backdrop of increasingly volatile global energy markets, securing the UK’s energy supply is a key national priority. These results mark a significant step on the journey towards achieving a more secure, resilient and cleaner energy mix for the years and decades ahead.

“Thanks to a comprehensive and highly competitive auction process, the UK is set to benefit from record-breaking new energy capacity, delivered at an affordable, market-aligned price. Contracts for Difference remain the gold standard for delivering lasting value for money, with the approach being replicated in other countries.

“Accelerating low carbon power generation is core to the UK’s energy transition – a transformation that’s already delivering major economic benefits in terms of investment, jobs and growth across the country. Critical investments in Scotland and Wales demonstrate the strength of UK capability, with Berwick Bank set to become the largest planned offshore wind project in the world.

“With UK firms ideally positioned to capitalise on the economic opportunities afforded by these projects, the government should continue to work with industry to expand capacity, drive down costs and secure our energy supply long into the future.”