Smart grids will be a critical component in transforming the world’s low carbon economy but a global standard is paramount in accelerating its introduction. This was the message from Keith Redfearn, general manager of digital energy for GE Energy in Europe.

Discussing smart grid technology and implementation policy at the Annual British American Business Conference, Mr Redfearn said: “Smart grid will come through with the right investment, but more importantly, it has to. A global standard has to be created to benefit the consumer.”

Mr Redfearn told delegates that €200bn was likely to be spent on smart grid systems in Europe over the next ten years, with €12bn spent in the UK alone.

The UK government is committed to reducing carbon emissions by 20% by 2020.