• REA hails record low CfD prices, welcoming the ‘good news for the UK’s energy system;
• The trade association says that increased capacity ‘will be essential for the UK’s energy system’;
• However, the government is urged to expand CfD scheme.

The Association for Renewable Energy and Clean Technology (REA) has hailed the record low CfD prices announced today, saying they are ‘good news for the UK’s energy system’ and ‘showcase the value to consumers of moving to renewables.’

The REA says that the renewable power projects supported by the CfD will offer value to consumers, given they will be built at prices well below current market rates. 

The trade association has long said that to reduce the UK’s reliance on fossil fuels and improve the nation’s energy security, further renewable capacity needs to be brought online. 

They have repeated calls to expand the CfD scheme to be expanded to six monthly auctions and extend reserved capacity for other technologies such as geothermal and wave projects.

Dr Nina Skorupska CBE, Chief Executive of the Association for Renewable Energy and Clean Technology (REA), said:

“These record low CfD prices are good news for the UK’s energy system and showcase the value to consumers of moving to renewables. Built at prices well below current market rates, these renewable power projects will be paying back to consumers and saving us all money.

“The 11GW of capacity being delivered will be essential for the UK’s energy security as we look to reduce our reliance on expensive, imported fossil fuels.

“We now need an expansion of the CfD scheme to six monthly auctions and extend reserved capacity for other technologies, such as geothermal and wave projects, which have the potential to be as low cost as offshore wind and employ thousands of people.”

—ENDS—