EIGHT renewable energy projects have been approved for a new subsidy framework, the government said yesterday, which will support 8,500 jobs but also raise customers’ bills.
Under the new Contracts for Difference scheme, the projects will receive a guaranteed price for the power they sell.
The government claims that by 2020, the projects will provide up to £12bn of private investment and generate enough clean electricity to power over three million homes.
But the investment will cost up to £1bn a year in subsidies and add two per cent to household energy bills by 2020, energy secretary Ed Davey told the BBC’s Today programme.
Five of the projects are offshore wind and three are biomass, located across the country.