1 minute read
Renewables warning: ‘Race to the bottom’ on production prices
by cityam
NICHOLAS EARL
GENERATING wind power at lower prices risks destabilising the entire industry and deterring investment, the sector has warned.
Three wind giants, Renewable UK, Energy UK and Scottish Renewables, have called on energy security secretary Grant Shapps to support the industry with more funds.
They also urged it to broaden the focus of clean power auctions amid economic pressures
The bodies have written to energy secretary Grant Shapps calling for the budget for the latest allocation round to be raised and for the strike price to be stabilised.
This follows calls from the industry for auctions to no longer be swayed only by generation price, but take into
DOWN BUT NOT OUT City slickers abseil down the side of Lloyd’s Building for charity
account wider industry benefits.
The government is considering this in a consultation.
As it stands, the latest fifth allocation round has a set allowance of £205m established by the government last year, which the industry considers insufficient in the current economic climate.
The government has been contacted for comment.
