U.K. Grants Offshore Wind Triple Market Electricity Price
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The U.K. will pay offshore wind developers triple the market price for electricity they generate under a subsidy program to boost renewable energy that by 2020 will cost consumers 7.6 billion pounds ($11.6 billion) a year.
The Department of Energy also detailed rates paid for solar, hydropower, biomass conversion and onshore wind farms as well as boosting to 3.8 billion pounds the capitalization of its Green Investment Bank. The Treasury will guarantee debts for building a new nuclear station.