A £90 million innovation competition has been launched by the UK’s energy network companies.
The Energy Networks Association (ENA) has launched a Call for Ideas for the Network Innovation Competition (NIC), which aims to support a range of large energy technology projects.
Research suggests up to £8 billion of savings a year could be made from energy networks investing in smart power innovations, with as much as £214 billion forecast to be saved by consumers before 2050 if new technologies are used to drive decarbonisation.
Successful applicants will work with network companies to compete for up to £20 million of funding available for gas network projects and up to £70 million available for power network projects.
The ENA says proposals must provide a clear cost benefit to both the public and energy networks, while enabling environmental improvements and demonstrating “genuine innovation”.
David Smith, CEO of the ENA said: “This is an exciting chance for innovators to deliver projects that will make a real difference to the way networks operate in communities up and down the country.
“Network innovation is vital to keeping energy bills down for the public, whilst delivering a smarter, cleaner and more flexible energy system that serves the country.”
The call for ideas closes on the 26th October.