The UK government has awarded guaranteed electricity prices to offshore wind projects totaling 8.4 GW, aiming to attract nearly $30 billion in private investment and stabilize energy costs. These projects, which could power 12 million homes, represent the largest capacity awarded in a British auction. Despite a failed auction in 2023, the government nearly doubled its budget to encourage renewable energy, with an average strike price of about £91 per megawatt-hour. The initiative aligns with the government’s goal for 95% of electricity generation to come from clean sources by 2030.
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