cfd

The solar industry has welcomed the UK Department for Energy Security and Net Zero’s (DESNZ) plans to reform its flagship renewable energy generation scheme to reward applicants for including factors other than price.

Solar PV developments could be in jeopardy due to the rising cost of capital which threatens to derail renewable energy projects in the UK, Cornwall Insight has said.

The UK Government has announced a £205 million budget for the fifth Contracts for Difference (CfD) funding round, which is the first auction to run annually and the second in which solar can participate since 2015.

The Department of Business, Energy and Industrial Strategy (BEIS) has launched a consultation into key changes to the Contracts for Difference (CfD) scheme.

The solar sector has criticised the introduction of a windfall tax on electricity generators, which it has warned could have a ‘perverse’ impact on the sector.

The solar sector has thrown its weight behind plans to lower energy bills by offering fixed price contracts to active renewable energy generators.

During the first six months of 2022, the UK posted 80% growth in new solar PV installations compared to the same period last year, with 556MW of capacity installed. Solar Media’s head of market research Finlay Colville explains the factors driving this growth and what can be expected for the rest of 2022 and into 2023.

Solar has secured more than 2.2GW at a price of £45.99/MWh in the latest Contracts for Difference (CfD) auction.

Bluefield Solar Income Fund (BSIF) has seen its underlying earnings rise to £21.4 million as high power prices, investments into battery storage – with two-hour durations a possibility – and lower than expected irradiation all shaping H2 2021.

From 2023, Contracts for Difference (CfD) auctions will be held annually the government has announced.