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Ofgem to raise £450m fund to power British homes and businesses in a greener way
In a recent announcement, the Office of Gas and Electricity Markets (Ofgem), which is the government regulator for the electricity and downstream natural gas markets in Great Britain, has stated that it will be focusing more on improving the green solutions for a better future. It further added that it would be raising £450m fund is to encourage energy suppliers to explore greener ways to power British homes and businesses.
Ofgem is also allowing individuals, organizations, and companies to submit ideas that are big, bold, and ambitious. The ideas could include new ways to heat homes, store energy, or transport goods and people in a more efficient and eco-friendly way. This is done as the UK aims to reduce the current carbon emissions and reach net zero by 2050.
"What we need, more than ever, to reduce greenhouse gas emissions and reach net zero is innovation," Jonathan Brearley, CEO of Ofgem, said. The applications will be open for public and private sectors from 31 August and run for five years, and they can be extended if the proposed plans are solid and innovative.