UK Raises Wind and Solar Power Budget by 50% ...Middle East

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UK Raises Wind and Solar Power Budget by 50%
source : OILPRICE ( Middle East ) () 34
The UK’s government raised the amount of money to offer wind power developers in the next auction by 50% to 1.5 billion pounds, which is equal to around $2 billion. The move follows calls from the wind power industry that they need higher guaranteed prices for their electricity in order to invest in more capacity. The industry has been plagued by higher material costs and higher borrowing costs as well, because of higher interest rates. The Labour government’s biggest bet is on offshore wind—it is allocating over two-thirds of…

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