Offshore wind farms to be allowed to apply for contracts before planning consent
The plans are part of a raft of reforms launched by the Department for Energy Security and Net Zero (Desnz) to help the Government reach its ambitious 2030 clean power targets.
Energy secretary Ed Miliband said changes to Contracts for Difference (CfD) rules will give developers 'the certainty they need to build in Britain' and invest in more clean energy projects.
Auctions for the CfD scheme see developers bid to secure a fixed price contract for what they can charge for the renewable power they generate.
This system helps to protect them from market volatility, incentivising investment in new wind and solar farms.
Earlier this year, the Government launched a consultation on the flagship CfD scheme, including proposals to remove planning barriers.
It has now given the green light to changes to the scheme ahead of the next planned auction process, Allocation Round 7 (AR7), which is due to open in August.
Officials have said this will include increasing the length of contracts from 15 years to 20 years for offshore wind, onshore wind and solar projects.
It said this is intended to spread out the costs of energy projects over a longer period and potentially reduce costs for consumers, while also improving investors confidence.
Changes will also include allowing offshore wind projects to apply for a contract while awaiting full planning consent, in a bid to reduce completion times.
The department will also change how budgets are set and published to allow the energy secretary to view developer bids before setting his final budget.
Mr Miliband said: 'We need to go further and faster to make Britain a clean energy superpower, end our reliance on volatile global gas prices and make working people better off with homegrown power we control.
'These reforms will give developers the certainty they need to build in Britain, helping deliver more clean power projects and supporting thousands of jobs – all part of the mission to bring bills down for good through our plan for change.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Independent
23 minutes ago
- The Independent
Top Tory says 16-year-olds shouldn't vote because it will ‘distract them from exams'
A senior Tory has warned 16 and 17-year olds should not be allowed to vote because it will distract them from their exams. Shadow energy secretary Claire Coutinho said if the voting age is lowered teenagers, will face choosing between focusing on their studies or 'staying up to watch political debates'. The senior MP said elections are often in May, June and July and warned pupils do not need 'this added pressure of being dragged into politics '. The voting age is to be lowered to 16 in time for the next election, the government has announced in a move that would allow around 1.5 million more teenagers to cast a ballot. The change will bring UK-wide elections in line with Scotland and Wales by the time the country next goes to the polls, due by the summer of 2029 at the latest. The 'seismic' development, which is part of a raft of measures set to be introduced through a new Elections Bill, is the biggest change to the electorate since 1969 when the voting age was lowered from 21 to 18. Keir Starmer encouraged 16 and 17 year olds to use their vote at next election. No 10 said the PM would 'absolutely encourage them to be as engaged as they can be in the future of their country'. Deputy prime minister Angela Rayner said: 'For too long public trust in our democracy has been damaged and faith in our institutions has been allowed to decline. 'We are taking action to break down barriers to participation that will ensure more people have the opportunity to engage in UK democracy… and delivering on our manifesto commitment to give 16-year-olds the right to vote.' Sixteen-year-olds already work, pay taxes and serve in the military, ministers point out. But, speaking to Times Radio, Ms Coutinho said: 'Can you imagine saying, OK, I've got this right. It's a new right. I've got exam season coming up, but maybe I should stay up to watch this political debate. 'Maybe I should be out there campaigning. Personally, I think 18 is the right age. I have no problem with politicians wanting to compete for younger votes…but I don't think you have a massive difference between 18 and 16. And like I say, most 16, 17 year olds are going to be in exam season. And I just don't think it is the right thing for them.' She added: 'The thing that I worry about and I might be speaking as a new mum is that it's exam season; elections are often in May, June, July and I don't really think 16 and 17 year olds need this added pressure of being dragged into politics.'
The Independent
23 minutes ago
- The Independent
Flog It! star's collection of silver fetches £124,614 at auction
Silver items from the private collection of late Flog It! star Michael Baggott have sold at auction for £124,614. Baggott, who died aged 51 in January, was a recognised authority on antique silver, specialising in early spoons, boxes and provincial and continental silver. His collection is being auctioned across three sales. The first comprised a wide selection of York silver, as well as silver from Liverpool, Chester, Dundee, Newcastle, Bristol, Exeter and Aberdeen. Among the highlights was a George III York silver tontine chamberstick and snuffer by Hampston and Prince, York silversmiths of the late 18th and early 19th century. It sold for £8,190, including buyer's premium, against an estimate of £1,000-£1,5000. A Victorian provincial ceremonial spade with the maker's mark of John Bell sold for £4,032 against an estimate of £1,000-£1,5000. The spade is engraved with an armorial and inscribed: This spade was presented to the Lady Mayoress of York, Mrs W. Fox Clarke, on the occasion of her planting a tree in St. George's Field in commemorating the marriage of H.R.H the Prince of Wales with Princess Alexandra of Denmark, March 10th 1863. Baggott was known for his knowledge of silver spoons, two of which were sold together for £819. Another highlight was a George IV silver-gilt sideboard dish by Birmingham silversmith Edward Thomason, which sold for £5,040. Rupert Slingsby, silver specialist at Woolley and Wallis auctioneers, said: 'We have been so thrilled with the interest in Michael's sale from worldwide collectors and every lot in the sale was sold. 'This is only part one of his collection with two more sales to follow and this selection achieved £124,614 against an expected figure of £60,000. 'The public view was very well-attended and everyone was extremely impressed with the variety and quality of his collection.' Baggott's interest in antiques began in his early years, and he progressed to work in Christie's auction house and was head of silver at Sotheby's Billingshurst for a number of years, before becoming a private consultant. Baggott was also a published author, having written An Illustrated Guide To York Hallmarks 1776-1858 and As Found: A Lifetime In Antiques. He joined BBC daytime show Flog It! in the 2000s, and valued various silver objects.
The Independent
23 minutes ago
- The Independent
UK bank profits in focus as lenders await critical motor finance court ruling
Investors will be hoping UK banks will report solid earnings as lenders await the outcome of a critical court judgment that could unleash a major car finance compensation scheme. Lloyds Banking Group will kick off the sector's half-year earnings with its results on Thursday, followed by NatWest Group on Friday. It comes at a significant juncture for motor finance lenders, with the Supreme Court set to deliver a final judgment on alleged mis-selling by the end of the month. If the UK's Financial Conduct Authority concludes that customers have lost out from widespread failings by firms, it could set up an industry-wide redress scheme. Lloyds has said it is setting aside £1.2 billion to cover potential costs and compensation in relation to the issue, with the banking giant exposed to the market through its Black Horse business. Santander said it had put aside £295 million as a provision to cover potential payouts as well as legal costs. Gary Greenwood, an equity analyst for Shore Capital, said he was anticipating a 'common sense outcome' from the Supreme Court ruling. If firms are found to have mis-sold car loans, the ruling may allow for a proportionate redress scheme that 'punishes the worst offenders' but allows others to 'get off with a lighter touch, or maybe don't have a charge or redress at all,' Mr Greenwood said. He added: 'It'll be painful for Lloyds, but they generate about £4 billion of surplus capital every year, so it's something that they could handle. 'It's the difference between something that's annoying and a bit more annoying, rather than something that will create a systemic issue or raise severe problems for Lloyds.' Lloyds is expected to report a pre-tax profit of £3.2 billion for the first six months of the year – which would be lower than the £3.3 billion made over the same period last year. While NatWest, which is not exposed to the motor finance market, is expected to report a pre-tax operating profit of £3.5 billion, which would be up on the £3 billion reported this time last year. Investors are expecting a slowdown in mortgage lending over recent months, after a rush in activity ahead of a deadline for stamp duty relief at the start of April. And banks are set to give an update on customer savings activity amid uncertainty in the wider economic climate. Mr Greenwood said consumers are likely to have been keeping cash in accounts they can easily access rather than moving it into those with higher returns, which would mean deposits were stable over the latest period. He added that the UK 'enjoyed a strong cash ISA season, with customers looking to put money aside ahead of the Chancellor potentially introducing greater restrictions on the use of cash ISAs, which has not yet happened and now seems less likely'. Chancellor Rachel Reeves used her annual Mansion House speech this week to say retail investing had been painted in a 'negative light' and that she wanted to encourage more savers to take the leap.
