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London, 27th June, 2013 - The government today announced the proposed strike prices for renewables up to 2020 that will help them to contribute more than 30% of total power in the UK by 2020.
The strike price for onshore wind will be £100/MWh for 2014-2017 and £95/MWh in 2017-2019 has been long awaited and will provide developers and investors with much needed confidence in relation to future investment plans.
Dane Wilkins, Head of Renewable Energy Capital at Jones Lang LaSalle commented: “The levels of support proposed are in line with those offered under the Renewables Obligation but it is hoped the increased certainty that the ‘Contracts for Difference’ bring will facilitate the step change in investment needed to unlock the reported £110 billion required to support energy infrastructure investment to 2020.
The announcement came earlier than expected despite having been discussed for a long time in response to pleas from both developers and investors for greater clarity. The reduced risk associated with the contracts for difference will, in our view, boost investor appetite in wind and solar power in particular from institutional investors who have previously refrained from this type of investment. This announcement sets the stage for future investments in low carbon generation in the future.”
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