Auction Round 5 saw 56 Solar projects secure nearly 2GW of available capacity to boost the technologies growth.
On the 16th of November, the UK government announced that the administrative strike price for the latest Contracts for Difference round will be £61/mwh.
This is a 30% increase from Solar’s strike price in Auction Round 5 (AR5) which was set at £47/mwh.
“The Conference for Difference system has been a major factor in the growth of UK’s solar power sector by providing investors with a secure and reliable income.” – Chris Hewett, Chief Executive, Solar Energy UK.
The Department for Energy Security and Net Zero (DESNZ) explained that the increase in strike price is to “offer certainty to developers and keep the UK at the cutting edge of renewables.”
AR5 was incredibly successful for the solar industry.
A total of 56 solar projects secured almost 2GW (1.928MW) of the 3.7GW of capacity awarded to renewable projects.
The 30% increase in strike price has opened the door for future solar projects to become more sustainable and more economically viable.
This price being raised should assist the market in reaching the 70GW of renewable capacity target by 2035.
Solar remains the cheapest source of electricity, with more projects aiming to secure capacity when AR6 opens on the 27th of March 2024.
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