Government approves eight new renewable energy projects

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The government has announced that it has given its approval for eight new renewable energy projects.

The projects include the conversion of energy plants, currently powered by coal, to run on biomass and the construction of offshore wind farms situated on the coasts of Norfolk and Yorkshire, in Liverpool bay, and just off the Moray.

All eight of the projects will be given a Contract for Difference (CfD), which will in effect guarantee prices for suppliers of renewable energy. Although they could cost up to around £1 billion every year in subsidies, which could in turn see energy price rises of around two per cent by 2020, the government has stated that the projects would encourage suppliers to invest greater amounts in greener energy generation.

Energy secretary Ed Davey has stated that the new projects would, when completed, help to power up to three million homes in the UK, and would provide nearly five per cent of additional energy to the country's clean energy supply.

Mr Davey also added that he expected the projects to attract around £12 billion worth of investment from private investors.

Speaking to BBC's Today programme, he went on to state that there's potential for more government-backed renewable energy projects in the future, before adding that if a project didn't go ahead, it would support another similar project to replace it.

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