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Highlights
- The Boris Johnson Government announces a £20-million package for tidal power schemes.
- This will help in cost reduction of tidal stream projects, supporting UK’s ambitious net zero target.
- The funding was announced by the UK Government under the Contracts for Difference (CfD) renewable energy auction.
With the aim of shifting away from fossil fuels towards green energy sources, the Boris Johnson Government has announced a £20 million package for tidal power schemes. The UK, which is already a world leader in offshore wind power, is planning to use this investment for the cost reduction in tidal stream projects, which will further support its renewable energy sector and keep it on track to achieve its ambitious net zero target.
Tidal power could potentially play a crucial role in electricity generation through the next generation of renewable energy projects, as per Business Secretary Kwasi Kwarteng. However, the funding is falling £50 million short of what the industry actually required, according to the Scottish National Party.
The funding was announced by the UK Government under the Contracts for Difference (CfD) renewable energy auction. The total CfD funding has hit £285 million for renewables with the £20 million for tidal projects announced in this round of allocations.
With the support of the UK Government, there have been huge cost reductions in various renewable technologies, and the same is expected from marine energy through this major boost provided to tidal power generation. This will help in further strengthening the UK’s energy security and minimising its reliance on fossil fuels. Harnessing tidal energy could be a great way for the UK to expedite its clean energy transition and achieve its ambitious net zero goals.
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Let’s look at some of the renewable energy stocks listed on the London Stock Exchange that you can buy.
Active Energy Group PLC (LON: AEG)
Active Energy Group PLC has given a negative return of -29.31% in last 12 months, and its mCap is £14.05 million. Active Energy Group PLC’s shares were trading at GBX 0.36 as of 24 November 2021 (GMT).
Greencoat UK Wind PLC (LON: UKW)
A leading renewable infrastructure company, Greencoat UK Wind PLC is basically a fund which invests in the operation of wind farms across the UK. Its current market cap is £2,825.84 million. It has given a return of 3.76% in the last one year. Greencoat UK Wind PLC’s shares were trading at GBX 134.20 at 12:30 PM on 25 November 2021 (GMT).
RELATED READ: Why Sustainable Financing is so Crucial in Present Scenario
AFC Energy plc (LON: AFC)
AFC Energy plc is a constituent of the FTSE AIM UK 50 index, and its current market cap stands at £389.28 million. It has given a return of 76.47% in the last one year. Its shares were trading at GBX 53.00 as of 25 November 2021 (GMT).
Ceres Power Holdings plc (LON: CWR)
Ceres Power Holdings plc is a constituent of the FTSE AIM UK 50 index, and its current market cap stands at £2,061.94 million. It has given a return of 34.02% in the last one year. Its shares were trading at GBX 1,102.00 at 11:27 AM on 25 November 2021 (GMT).
Gore Street Energy Storage Fund PLC (LON: GSF)
Gore Street Energy Storage Fund PLC’s current market cap of the company stands at £400.24 million. It has given a return of 10.64% in the last one year. Its shares were trading at GBX 116.00 at 11:22 AM on 25 November 2021 (GMT).
