The U.K. completed an auction for eleven new renewable energy projects worth up to £176 million per annum, the government announced on Monday.
The projects, advanced conversion technologies, biomass and offshore wind, which are set to generate over 3 gigawatts of electricity, are enough to power 3.6 million homes.
The projects are planned for delivery from 2021 onwards.
'The competitive approach is continuing to drive cost reductions in the renewable energy industry, the cost of new offshore wind projects starting to generate electricity from 2022-23 are now 50 percent lower than the first auction held in 2015,' the government said.
Competition also drives down the cost for consumers, the government said and added that new offshore wind projects will be delivered as low as £58 per megawatt-hours from 2022-2023.
By Zeynep Beyza Kilic