Britain’s Energy Secretary Grant Shapps announced a 22 million pounds (nearly 26 million euros) increase in Government backing for renewables through the Contracts for Difference (CfD) scheme, taking the total budget to £227 million for this auction.

The scheme, launched in 2014, is the Government’s main system for supporting low-carbon electricity generation and has already led to an increase in the proportion of the UK’s energy coming from renewables.

According to the Government's announcement, the increased funding combined with the introduction of annual auctions this year, will boost investments in Britain’s renewable industry, while strengthening the UK’s energy security, fostering growth in the country’s green industries and reducing exposure to volatile global gas prices.

Energy Security Secretary Grant Shapps said that "the established technologies like solar, and new innovations like floating offshore wind and, alongside our backing for oil and gas, carbon capture and our revival in nuclear, will ensure we can help power more of Britain from Britain for decades to come.

The new funding for the current round (AR5) will mean an increased budget for established technologies such as solar and offshore wind,from £170 million to £190 million; an increase in the budget for emerging technologies such as floating offshore wind – up from £35 million to £37 million; and madaintaining £10 million ring-fenced budget for tidal stream projects.

"This funding boost is expected to send a signal to the industry, increasing developer confidence in the sector every year and enhancing the UK’s reputation as among the most attractive places to invest and grow the economy, with nearly 25,000 jobs directly supported by renewable electricity sectors in 2021," says the Government in its official statement.