UK to auction GBP 1 bn of renewable projects

UK to hold GBP 1 bn auction for renewable energy projects: The UK’s upcoming renewable power auction, the sixth of its kind, will have a budget exceeding GBP 1 bn, Reuters reported on Thursday, citing government budget documents it has seen. The increase aims to attract developers and spur renewable energy projects in order to meet the country’s energy security and climate targets. GPB 800 mn of the total budget has been earmarked for offshore wind farms. The auction will be open to bidders on 27 March.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

• Iberdrola bids USD 2.5 bn for remaining stake in US subsidiary: Spanish utility firm Iberdrola placed a USD 2.5 bn bid on Thursday to acquire the remaining 18.4% stake in its American sustainable energy subsidiary Avangrid for USD 2.49 bn. (Reuters)
• BP’s emissions surge for first time in 5 years: British oil and gas giant BP saw its emissions rise for the first time since 2019 due to new oil and gas ventures. The company’s Scope 3 emissions jumped to 315 mn metric tons in 2023, up from 307 mn tons in 2022, while Scope 1 and 2 emissions climbed to 32.1 mn metric tons, a 0.6% y-o-y increase. (Reuters)