Energy network companies have launched a Call for Ideas for the Network Innovation Competition (NIC), inviting Britain’s energy innovators to access £90mn of investment.
On 16 September, the Energy Networks Association (ENA) – running the Call – explained that successful applicants will work with network companies to compete for the funds. There is a funding pot of £20mn available for gas network projects while £70mn is on the table for electricity network projects. Cross-vector projects will potentially be able to access funding from both pots.
The NIC is run on an annual basis and aims to support a range of large-scale energy innovation projects in communities across the country. Proposals that offer a clear cost benefit to public and the running of networks, as well as environmental benefits and demonstrate genuine innovation will receive backing. The call for ideas will close at 5pm on 8 November.
David Smith, Chief Executive of the ENA, said: “We need to be relentless in our focus on innovation to deliver Net Zero and reap the benefits that it can provide. Private enterprise is key to delivering network innovation which is vital to help keep energy bills down for the public, while delivering a smarter, cleaner and more flexible energy system that serves the country.”