A fund has been launched to spearhead a new approach to energy network innovation to help businesses and homes become greener.
Ofgem said the £450m fund would keep bills as low as possible, drive the UK towards its goal of net zero greenhouse gas emissions by 2050, and help turn the UK into the ‘Silicon Valley’ of energy.
Ofgem said network companies, system operators, businesses and researchers will be able to use the money to drive big ideas that accelerate the transition to an emissions-free energy system and at the same time help to position the UK as a world leader in energy innovation.
Projects funded could range from ensuring the networks are ready to roll out clean heating solutions such as heat pumps, to developing ways for network companies to work together across transmission, distribution, system operation, gas and electricity.
Jonathan Brearley, Chief Executive of Ofgem, said: “What we need more than ever to reduce greenhouse gas emissions and reach net zero is innovation. The Strategic Innovation Fund means cutting-edge ideas and new technologies become a reality, helping us find greener ways to travel, and to heat and power Britain at low cost.”