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Caspian Energy Journal Caspian European Club
Tuesday, 01 December 2015 16:30

£62.8 million to deliver smarter energy network

Ofgem has announced funding of £62.8 million for nine innovation projects as part of its revolutionary innovation competition to deliver smarter energy network for consumers. The funding is provided under Ofgem’s Network Innovation Competition (NIC), which encourages energy network companies to enhance innovation to reduce costs for consumer while helping deliver a low carbon future. When combined with additional contributions from the companies and external funding this will see over £100 million being invested in innovation, Caspian Energy News (www.caspianenergy.net) reports with reference to the press statement of the UK Office of Gas and Electricity Markets, Ofgem.

In total, there was £99 million of NIC funding available for the eleven projects which had applied for funding under the schemes. However, Ofgem could not be confident that all projects clearly demonstrated good value to customers at this stage, resulting in two missing out on funding this year. 

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