UK Boosts Renewable Energy Budget to Record £1.5 Billion

Government aims to overcome previous auction failures and secure offshore wind projects to meet 2030 clean power target.

The new budget includes £1.1 billion specifically for offshore wind projects.
Last year's auction failed due to low guaranteed power prices, deterring bidders.
Increased funding aims to attract global investment and boost UK energy independence.
Contracts for Difference scheme will see developers selling power at fixed prices for 15 years.
Additional £270 million allocated for emerging technologies like floating wind farms.