Small businesses in London are being offered a package worth £20,000 to come up with innovative solutions to reduce the capital’s electricity demand at peak times.
Mayor Boris Johnson is calling on firms to submit “21st Century solutions” that will incentivise households to avoid using electricity when demand is high to reduce pressure on the grid.
Many businesses receive payments for reducing their demand during peak times but this new competition is aimed at helping householders do the same. It is also expected to help people save money on their fuel bills through smarter, more energy efficient use.
Electricity demand in the capital is rising by up to 4% every year and Mr Johnson said he doesn’t want London’s “future growth and economic success to be threatened by a lack of electrical capacity”.
The cash, funded by Citi, will be used to roll out a pilot project using the winning technology or concept.
The Mayor said: “It’s imperative that we do everything we can to ensure London has a reliable and secure energy supply for the future. Alongside measures to generate more of our own energy in the capital and to encourage businesses to be more responsible, I want to make it easier for Londoners to do their bit, have better control over their energy use and be rewarded for it.
“By pioneering a smarter, more sustainable approach, with bright ideas from London’s most innovative small businesses, we can help keep Londoners’ lights bright.”
The deadline for applications is 17th April.