Question to the Department for Business, Energy and Industrial Strategy:
To ask the Secretary of State for Business, Energy and Industrial Strategy, what steps he is taking to incentivise and provide financial support to energy providers with low carbon emissions.
Schemes such as Contracts for Difference are vital to developing domestic sources of renewable electricity in Great Britain, which will reduce exposure to potentially volatile global fossil fuel markets and protect consumers in the long term. The competitive nature of the Contracts for Difference scheme has been hugely successful in driving the deployment of renewable energy while rapidly reducing costs. This year’s Contracts for Difference round is the largest yet, with a total budget of £285 million a year allocated to the round; offshore wind will be supported by £200 million funding a year, with £24 million initially allocated for floating offshore wind and £20 million on tidal stream projects.