The UK has announced that renewable electricity projects will compete for £300 million in funding support over the coming months.
The amount is £95 million more than the expected budget and goes towards driving investment in a new generation of clean, secure electricity supplies.
The low-carbon electricity projects will compete at auction for the contracts which will deliver new capacity much more cheaply and it is estimated that the reforms to the electricity markets will mean that average annual household electricity bills are around £41 lower over the period 2014 to 2030
The budget will be split between different sectors within the renewable energy space. Established technologies such as onshore wind and solar will compete for up to £65 million in support, reflecting the fact that these technologies are already more competitive.