UKAR7: Miliband secures 8.4GW of new offshore windHundreds of new wind turbines are to be built around Britain’s coastline after Ed Miliband awarded yearly subsidies of up to £1.8bn to green energy developers. The Energy Secretary has approved plans for six new offshore wind farms following an auction of renewables contracts known as Allocation Round 7 (AR7). He secured a strike price of £95/MWh (2026 prices). As one of the UK’s largest-ever subsidy rounds, the costs will be borne by billpayers over a period of 20 years under Labour’s plans to hit net zero. Following the announcement of the AR7 results, Reform’s Richard Tice confirmed his party will “rip-up” the contracts, saying they are a “con” and “outrageous”. Nigel Farage told a press conference in Scotland that Britain’s renewable energy policy was an act of self-harm. In a message that has received over 1 million views, the Conservatives’ Claire Coutinho told her followers on X: “He [Miliband] is cementing our uncompetitive electricity prices for even longer at a time when the world is becoming more unstable and we need cheap, reliable energy to compete.” NESO: Net Zero to cost £4.5 trillionNet Zero could cost Britons a staggering £4.5 trillion over the next 25 years, official estimates suggest. Britain will need to spend £182 billion a year to reach its targets by 2050, NESO now says. BoE: Net Zero is slowing down growthNet Zero policies are slowing the global economy, Andrew Bailey, the Governor of the Bank of England has warned. In a speech, he said that initiatives to tackle climate change are among the main factors dragging down growth.
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