Sep 14 (Renewables Now) - Deploying renewables at a faster rate will result in savings for UK consumers, according to an analysis published on Wednesday by Green Alliance.
The think tank says that renewables are now the cheapest source of power as shown by recent auctions and estimates that buying low-carbon power instead of gas will save consumers GBP 1.8 billion (USD 2.4bn/EUR 2bn) a year by 2025. The figure is GBP 2.6 billion if energy efficiency, or negawatts, are taken into account.
The analysis is being released in the wake of the UK's contracts for difference (CfD) auction on Monday which backed 3.2 GW of offshore wind projects. The auction procured 2 GW less in offshore wind than it could have, Green Alliance says and notes that onshore wind is currently banned, while solar was last allowed to compete in the previous auction in 2015.
"Since 2015, the UK has been cutting back on renewables just as they’ve become cheap, having previously invested heavily to bring down their costs," said Chaitanya Kumar, senior policy adviser at Green Alliance. "A smarter strategy would be to follow through on the earlier investment and buy more of this cheaper, clean energy, which would keep energy bills down and support new jobs in the renewables industry across the country," Kumar added.
(GBP 1 = USD 1.320/EUR 1.109)