Driving UK Industrial Strategy through energy network innovation

It is safe to say energy will be at the heart of this strategy, and energy network companies are already adapting critical infrastructure and trialling smart technologies, like energy storage, to facilitate the transition to a low carbon energy system and enable the industrial strategy to deliver economic growth in line with the UK’s carbon reduction commitments.

The UK benefits from one of the most reliable energy networks in the world and amongst the lowest network costs in Europe. The networks will continue to underpin economic growth, delivering energy to homes and businesses and ensuring efficient access to the network for customers.

Innovation in the network sector will help to meet the challenges associated with decarbonisation of the economy and deliver savings for customers. A recent report commissioned by Ofgem found that Low Carbon Network Fund innovation projects could deliver benefits between £4.8bn and £8.1bn, and save up to 215 million tonnes of CO2.

Responding to the Government’s Industrial Strategy, Energy Networks Association Chief Executive David Smith said: “Our energy networks are the cornerstone of the UK economy as well as providing high quality jobs and apprenticeships across all regions of the UK.”

He added: “Continued support for innovation across the gas and electricity networks will enable the network sector to establish itself as a world leader in the increasingly important global market for smart networks, contributing £5bn to the UK economy in exports and employing 9,000 people in highly skilled jobs.”