"The government has confirmed plans to move older wind and solar farms on to fixed-price contracts to help protect households and businesses from future gas market shocks."
"Securing the bulk of the UK's electricity from fixed-price contracts should mean electricity costs will fall and bill payers would be less exposed to sudden market price shocks."
"The proposal was first put forward by analysts at the UK Energy Research Centre in April 2022 to guard against surging gas prices following Russia's invasion of Ukraine."
The UK government aims to transition older wind and solar farms to fixed-price contracts to protect households and businesses from gas market fluctuations. This initiative seeks to decouple electricity prices from gas prices, addressing high electricity costs. Renewable energy projects will be encouraged to sign these contracts or face increased taxes. The strategy is part of a broader effort to enhance energy security and promote clean energy alternatives. Analysts suggest this could save the UK between £4 billion and £10 billion annually if gas prices remain elevated.
Read at www.theguardian.com
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