Ofgem has confirmed funding of £46.4 million for eight projects as part of its cutting-edge innovation competitions for the network companies that deliver energy to homes and businesses.
Ofgem runs three innovation competitions to help Britain’s energy networks become smarter and more cost-efficient. The Low Carbon Networks (LCN) Fund, the Gas Network Innovation Competition (NIC) and Electricity NIC help the electricity and gas networks accelerate developing a low carbon energy sector and deliver other environmental benefits and cost savings to consumers.
Ten projects submitted bids and now eight of these will share £46.4 million. Two of the submitted projects failed to demonstrate good value for consumers and didn’t receive funding.