Renfrewshire families could see some savings in their energy prices after a record amount of renewable energy has been secured through the biggest ever round of the UK Government’s flagship auction scheme.
The fourth round of the Contracts for Difference (CfD) scheme has secured almost 11GW across a range of clean technologies, including offshore wind, solar, onshore wind, and, for the first time ever, floating offshore wind and tidal stream.
A unique benefit of the CfD scheme is that when wholesale electricity prices are high, as they have been in recent months for many locals, generators pay money back into the scheme to reduce the net costs of the scheme to consumers which helps to ease the pinch of the current cost of living crisis a little more.
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RenewableUK Deputy Chief Executive Melanie Onn said: "This record-breaking auction results show that there is a way to replace unaffordable gas with low-cost clean power generated by a wide range of renewable technologies led by wind, both offshore and onshore. Thanks to the rapid construction times of new onshore wind and solar sites, billpayers will start to feel the benefits of today’s auction next year."
An increase in renewables will drastically reduce Renfrewshire’s exposure to volatile global fossil fuel prices that are pushing up energy bills for millions of households and seeing many struggling to pay for basic necessities.
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