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Publish Date : 19-Jul-2014

Business, industry and other organisations will get help to cut their energy costs with Ł10 million available this year to improve efficiency and reduce energy demand.

Business, industry and other organisations will get help to cut their energy costs with Ł10 million available this year to improve efficiency and reduce energy demand, Energy and Climate Change Secretary Ed Davey announced today. He also unveiled new plans that will remove barriers to investment in energy infrastructure.

Mr Davey told the CBI's Energy Conference that the energy sector had seen Ł45 billion of investment between January 2010 and December 2013, with nearly Ł8 billion investment in renewable technologies in 2013 alone, as he published the Government's first report on energy investment in the UK.

This investment tackles a legacy of underinvestment and neglect in Britain's energy sector that had threatened energy supplies. Instead, the investment won since 2010 will keep the lights on and build a low-carbon energy system that will support up to 250,000 jobs by 2020.

Energy and Climate Change Secretary Ed Davey said: "Our plan is powering growth and jobs in the UK economy. We are building a secure, sustainable energy system for the future, dealing with an historic legacy of underinvestment and neglect that threatened to undermine the whole economy.

"The funds we invest now in keeping the lights on could, in the future, be available to support cheaper projects that deliver lasting reductions in peak electricity demand.

"I want to unlock the untapped potential of better efficiency in electricity use – so that more efficient kit can compete with building new power stations in the future. Our Ł20 million pilot will fund schemes that will help reduce our demand – not only saving businesses and their customers money, but reducing the amount of electricity we'll need to generate.

"And by stripping away barriers to investment in our energy market, we'll make attracting capital investment cheaper and easier – meaning real benefits for the British economy and British consumers."

Mr Davey set out the details of the first Ł10 million Electricity Demand Reduction auction from a Ł20 million budget for the full pilot. Businesses will compete for funding for projects that reduce electricity demand, where projects would not have happened without the funding. The projects will save businesses money on electricity bills as well as cutting carbon emissions and demand on the National Grid. Expressions of interest open on 29 July.

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