Earlier this week, the UK government announced there will be a budget in excess of £1.5 billion for domestic clean energy projects.

According to a press release on Gov.UK, the new Labour government will increase the annual renewable energy auction budget from £500 million to more than £1.5 billion for 2024.

Along with supporting domestic clean energy projects, the government intends for this budget to enhance national energy security. Energy Secretary Ed Miliband announced this budget on Wednesday, July 31st.

In the near future, developers will bid on renewable energy project contracts via the government renewable auction scheme.

Following this, the relevant clean energy companies will benefit from prior subsidies for Britain-wide clean energy projects. Said companies will also see a guaranteed price in relation to the clean electricity generated.

Of the £1.5 billion or so set aside for the gov’t renewable auction scheme, £1.1 billion will be used for offshore wind.

Further, £270 million for emerging energy technology (e.g. floating offshore wind). £185 million will support more conventional clean energy including solar and onshore wind.

The UK government is aiming for 100% clean electricity by 2030. This comes with a range of plans from Labour to achieve a national energy transformation.