Latest auction process for photovoltaic panels

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6 FAQs about [Latest auction process for photovoltaic panels]
How much is Britain's next renewable power auction worth?
LONDON, March 6 (Reuters) - Britain’s next auction round to spur renewable power projects will be worth more than 1 billion pounds ($1.3 billion), government budget documents showed on Wednesday. The government has set targets for major increases in renewable power to help increase Britain's energy security and meet climate targets.
How many homes will be powered by the 6th renewables auction?
Sixth renewables auction delivers record smashing 131 clean energy projects powering equivalent of 11 million homes. Millions of homes and businesses across Britain will be powered by a new supply of clean, cheap, homegrown energy as a record number of projects receive funding through the government’s most successful renewables auction to date.
How much does a solar project cost in the UK?
Solar projects secured a strike price of GBP 50.07 ($64.25)/MWh, almost 18% below the auction’s ceiling price. Strike prices in UK CfD auctions are expressed in 2012 prices, with the generator receiving the equivalent adjusted for inflation. In total, 131 bids were successful at the CfD auction.
When will a new energy auction open?
The auction, which will be the sixth of its type, will open to bidders from March 27, a separate document published by the Department for Energy Security and Net Zero said. The budget for the sixth round is significantly higher than the last auction, held in 2023, which had a budget of 227 million pounds.
What is the record contracts for difference (CFDs) auction for UK solar?
Record contracts for difference (CfDs) auction for UK solar results in more than 90 projects securing fixed-price contracts. It follows intervention from the new UK government in summer 2024 to increase the auction budget. Strike prices achieved for all renewables technologies were well below the auction’s ceiling price.
What does the new government announcement mean for electricity auctions?
The new government announcement concerns auctions that guarantee the winning firms a minimum price for electricity. That cuts their investment risk and allows them to borrow money more cheaply.
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