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UK offers £10m to improve energy efficiency and reduce electricity demand

CTBR Staff Writer Published 18 July 2014

The UK Government has announced a £10m funding for business, industry and other organisations to help improve energy efficiency and reduce electricity demand.

Ed Davey

The electricity demand reduction auction, which has a £20m budget, will provide funding for projects that may not otherwise have happened.

The projects will save businesses money on their bills, cut carbon emissions and reduce demand on the grid.

About 300 organisations have expressed interest in the programme, which will open on 29 July 2014.

The Department of Energy and Climate Change (DECC) said greater electrical efficiency could create savings equal to 9% of total demand by 2030.

The government is testing whether schemes that deliver electricity savings at peak times may get payments in the capacity market.

UK DECC 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."

A new report by the DECC revealed that £45bn has been spent in the UK's energy sector since 2010, with about £8bn investment in renewable technologies in 2013 alone.

Image: UK Energy and Climate Change Secretary Ed Davey. Photo: Courtesy of the Department of Energy and Climate Change.