November 20, 2018 / 5:15 PM / 4 months ago

UPDATE 1-Britain to hold auction for renewable subsidies in May 2019

(Updates with details)

LONDON, Nov 20 (Reuters) - Britian will hold its next auction for subsidies to help fund renewable power projects in May next year, with 60 million pounds ($77 million) available, the government said on Tuesday.

Under the so-called contract for difference (CfD) scheme, qualifying projects are guaranteed a minimum price at which they can sell electricity, and renewable power generators bid for CfD contracts in a round of auctions.

Britain’s energy minister Claire Perry told parliament the government was in the final stages of concluding a sector deal for the offshore wind industry.

“It will include ... 60 million for the contract for difference auction next spring,” she said during questions in the House of Commons. ($1 = 0.7806 pounds) (Reporting By Susanna Twidale, editing by David Evans)

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