UK — The fund should help position Britain as a world leader in energy innovation.

British energy regulator Ofgem has announced that they plan to offer £450 million ($619 million) in funding over the coming five years to network companies, system operators, businesses and researchers with "big, bold and ambitious" ideas that should accelerate the transition to an emissions-free energy system, promote green innovation across gas and electricity networks, lower the energy bills for the final consumer and help position Britain as a world leader in energy innovation.

According to Ofgem, there is even a possibility of the funding being increased if needed.

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

According to Ofgem, in order to be eligible for this funding, the submitted ideas should have the potential to scale across the networks and focus on system integration, data and digitalisation, heat and transport, such as heat pump rollouts, or new technologies to integrate flexible energy solutions, such as battery storage.

"The Strategic Innovation Fund will ensure the best projects and most talented minds have the grants available to reduce carbon emissions and enable bill payers to see the benefits of building back greener," said Martin Callanan, energy minister at the Department for Business, Energy and Industrial strategy (BEIS).

Source: Reuters