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Britain announces $1.45 billion budget for offshore wind auction
Published by Global Banking & Finance Review®
Posted on October 27, 2025
1 min readLast updated: January 21, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on October 27, 2025
1 min readLast updated: January 21, 2026
Britain announces a $1.45 billion budget for its next offshore wind auction, aiming to boost renewable energy capacity to 43-50 GW by 2030.
LONDON (Reuters) -Britain's next auction round to spur investment in renewable power capacity will have a budget of 1.080 billion pounds ($1.45 billion) for offshore wind projects, government documents released on Monday showed.
The country has put offshore wind at the heart of its plans to decarbonise its electricity sector by 2030. It aims to boost capacity to 43-50 gigawatts (GW) by the end of the decade, from around 15 GW currently.
($1 = 0.7451 pounds)
(Reporting by Susanna TwidaleEditing by Peter Graff)
Offshore wind refers to wind farms that are located in bodies of water, typically oceans, where wind energy is harnessed to generate electricity. These farms are crucial for renewable energy production.
A budget is a financial plan that outlines expected income and expenditures over a specific period. It helps individuals and organizations manage their finances effectively.
Renewable energy is energy generated from natural resources that are replenished constantly, such as sunlight, wind, rain, tides, waves, and geothermal heat. It is crucial for sustainable development.
Investment refers to the allocation of resources, usually money, in order to generate income or profit. It can involve purchasing assets such as stocks, bonds, or real estate.
Decarbonisation is the process of reducing carbon dioxide emissions associated with energy production and consumption. It is essential for combating climate change and achieving sustainability goals.
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