September 9, 2024: The latest annual auction for Contracts for Difference (CfD) has secured 9.6 GW of new renewable energy capacity for the UK, including backing for the world’s largest floating offshore wind farm. The 131 successful projects from Allocation Round 6 will generate enough electricity to power nearly 11 million homes and attract over £14 billion in private investment, with the first projects set to begin in 2026.The latest CfD auction secured 9.6 GW of renewable energy, including the world’s largest floating wind farm, powering 11M homes by 2026.

Among the winners, 93 ground-based solar projects, totaling 3,288 MW, have been awarded support, with delivery scheduled for 884 MW in 2026, 509 MW in 2027, and 1,895 MW in 2028. Additionally, 9 offshore wind projects totaling 4.9 GW secured contracts at £54-59 per MWh, while 22 onshore wind projects (990 MW) were awarded contracts at £50.90/MWh. This year’s auction also saw 3.2 GW of solar capacity secured at similar rates.

Additionally, 22 onshore wind projects (990 MW) were awarded contracts at £50.90/MWh, reaffirming their status as one of the UK’s most cost-effective energy sources, alongside 3.2 GW of solar capacity secured at similar rates. These projects are expected to save nearly £3 billion annually compared to gas costs by 2030, highlighting findings from Aurora Energy Research that suggest an offshore wind-dominated grid is more economical for consumers than other options like increased gas burning or importing power.

The auction also strengthened the UK’s global standing in marine energy, with 6 new tidal stream projects (28 MW) winning contracts in Scottish and Welsh waters, further cementing the UK’s leadership in this field.

In the company’s press release, RenewableUK’s Chief Executive Dan McGrail stated“The success of today’s auction sends a clear signal that the UK is back in the global race for clean energy investment. This wide range of projects, across technologies, are vital steps in building a clean, affordable energy system and reducing our dependence on expensive fossil fuels. 

The Government has set a world-leading clean power mission for 2030 and to meet that will need a big step-up from today. The industry stands ready to work with the Government to make sure that we’re increasing the amount of new renewables coming through each year to the levels needed to meet the clean power mission”. 

This rebound in investor confidence includes major projects in wind, solar, and tidal energy, powering  and reinforcing the UK’s leadership in clean energy. This marks a significant step forward in the UK’s renewable energy landscape, securing substantial new capacity and attracting considerable private investment. This advancement in solar, wind, and tidal energy projects reflects a strong commitment to clean energy and cost savings.