UK Government Boosts Clean Energy Funding in Autumn Budget Announcement
Key Ideas
- Shares of Ceres Power Holdings PLC surged 8% following the UK Chancellor's announcement of £3.9 billion funding for the clean energy sector in 2025-26.
- Support was confirmed for 11 new green hydrogen projects and electrolytic hydrogen production contracts in Scotland and Wales.
- Additional funding of £2.7 billion was allocated for the development of the Sizewell C nuclear plant, with progress expected in the spring.
- The establishment of Great British Energy in Aberdeen received £125 million funding, showcasing the government's commitment to green energy initiatives.
In a significant boost for the clean energy sector, the UK government announced a substantial funding injection of £3.9 billion for 2025-26 in the Autumn Budget. This led to an 8% surge in shares of Ceres Power Holdings PLC, a specialist in green hydrogen electrochemical technology. The Chancellor's statement highlighted support for various projects, including carbon capture, usage, and storage, and specifically mentioned 11 new green hydrogen initiatives. The government also confirmed backing for electrolytic hydrogen production contracts, with projects planned in locations such as Cromarthy, Whitellee, Milford Haven, and Bridgend. Moreover, an additional £2.7 billion was earmarked for advancing the Sizewell C nuclear plant, expected to progress further in the upcoming months. Furthermore, the allocation of £125 million funding for Great British Energy, with its headquarters in Aberdeen, underscores the commitment to sustainable energy solutions. The Treasury emphasized collaboration with the new National Energy System Operator and regulator Ofgem to enhance the grid connection process, indicating a comprehensive approach to advancing the clean energy agenda.
Topics
Utilities
Clean Energy
Investment
Regulation
Energy Projects
Budget Announcement
National Energy System Operator
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