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| (Courtesy CIA.gov) |
The UK Government has outlined plans for £580 million of funding for its Contracts for Difference (CfD) scheme. As part of the auction, low carbon electricity generators are incentivized for the power they produce.
The application process for £290 million of annual funding will open in April 2017 for projects to be delivered in 2021/22 or 2022/23.
The second CfD allocation round will support “less established” technologies, including offshore wind, anaerobic digestion (AD) with or without CHP, biomass with CHP, advanced conversion technologies with or without CHP, wave, tidal and geothermal energy.
The draft strike prices for delivery in 2021/22 per megawatt hour for geothermal projects will be set out following a consultation.