Ofgem has set out a new strategic innovation fund (SIF) that aims to fund projects that have been created to accelerate the energy transition to net-zero and keep the lowest cost possible going to consumers. Any eligible innovators with energy plans could apply for £150K funding to develop their ideas.
Ofgem has announced the most pressing challenges within the energy industry for innovators to try to combat. They want to ensure that these challenges give energy networks the chance to develop the best ideas with good potential. These challenges are:
- Supporting a just energy transition - This could include ways to support vulnerable energy consumers and those at a disadvantage when it comes to their energy bills whilst also finding a way to reduce heat and mobility carbon emissions.
- Improving energy systems resilience - This could include ways to develop different energy systems that are more resilient and strengthen the current energy system.
- Accelerating decarbonization of energy demands - This type of plan could help improve energy efficiency in all areas of the system and includes ways to manage and integrate higher demands such as heat and transport into decarbonization plans.
- Preparing for a net-zero power system - This indues ways to develop an energy system to include new sources of energy to supply and demand to help manage grids.
The first round of the SIF has led to great success in coming up with new ideas with over 40 innovation projects being produced to decarbonize energy networks. These new developments will allow for quicker decarbonization of our energy systems, whilst keeping costs low for consumers.
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