Energy fund seeks greener ways to power homes

01/09/2021 16:09

A £450m fund is being set up to encourage energy suppliers to explore greener ways to power British homes and businesses.

The energy regulator, Ofgem, said firms should submit ideas that were "big, bold and ambitious".

They could include new ways to heat homes, store energy or transport goods and people.

The UK is committed to reaching net zero by 2050, which means significantly reducing the current level of carbon emissions.

"What we need, more than ever, to reduce greenhouse gas emissions and reach net zero, is innovation," said Jonathan Brearley, chief executive of Ofgem.

Ofgem identified four areas that its Strategic Innovation Fund would focus on: heat, transport, data and digitalisation, and "whole system integration".

The fund is open for applications from 31 August and will initially run for five years, although the regulator said that could be extended if proposed plans were "strong".

Projects could include heat pumps, that use much less energy to heat homes than gas fired boilers, better electricity transmission and distribution networks, and battery storage technology, Ofgem said.

They should also have the potential to be scaled up across the networks upon completion, it said.

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