Capacity Market: Are the UK's £350m of gas power subsidies compatible with net zero goals?

clock • 6 min read
Energy giant Drax won contracts to build three new gas units in the latest Capacity Market auction
Image:

Energy giant Drax won contracts to build three new gas units in the latest Capacity Market auction

1.4GW of new gas power won £350m of funding in the government's latest Capacity Market auction, held last week, sparking concern among campaigners

The UK government's decision to invest £350m in support of the construction of new gas power stations through back-up supply contracts that run up to 2040 risks undermining the UK's net zero transition...

To continue reading this article...

Join BusinessGreen

  • Enjoy exclusive news, insights and analysis from Europe’s leading source of information on the green economy and business.
  • Make smart, responsible business decisions with an eye on the latest regulatory and tech developments
  • Stay in the know with our overnight briefing, expertly curated help you run a competitive and sustainable business
  • Tap into our extensive archive of exclusive articles, news, analysis and guides
  • Access our Intelligence Reports and exclusive data-rich studies on business-critical aspects of the green economy (BG Advanced members only)
  • Choose from 3 paid membership levels or start a 7-day no strings trial

Join nowTry 7 day trial

 

Already a BusinessGreen member?

Login

More on Energy

The rate of solar additions will continue to rise next year, according to the IEA | Credit iStock

Green energy transition: Why analysts are calling for governments to go 'beyond market economics'

Renewable power is set to dominate European power generation this decade, but significantly more policy momentum is required to boost wind, solar and hydro’s share of primary demand, analysis finds

Cecilia Keating
clock 18 August 2022 • 5 min read
The North Sea has significant CCS and clean energy potential, according to Wood Mackenzie

'Future energy super basins': Study reveals how only half of world's oil and gas regions are well-placed for energy transition

Wood Mackenzie publishes new assessment of 50 regions that supply more than 90 per cent of the world's oil and gas which reveals how just half have access to the CCS and clean energy capacity needed to power net zero transition

Cecilia Keating
clock 18 August 2022 • 4 min read
President Biden signs Inflation Reduction Act into law | Credit: Twitter, @POTUS

President Biden touts 'additional steps' on climate as he signs landmark Inflation Reduction Act into law

Speculation mounts White House is considering string of new executive actions that could close gap between US climate policy and targets

Cecilia Keating
clock 17 August 2022 • 4 min read