Innovation fund continues to deliver the future

With the complex challenges facing our energy future in the UK, creativity and innovation are going to be an essential part of ensuring a sustainable, secure and affordable supply.

The electricity industry’s network operators are showcasing the progress of the 30 Low Carbon Networks Fund (LCN Fund) projects over the next two days in Cardiff where the Welsh First Minister Carwyn Jones will speak at the LCN Fund Annual Conference.

The LCN Fund is an annual competition run by the energy regulator Ofgem to enable research and development to look at how to innovate and adapt the electricity networks for the future. The fund makes available up to £500m over the five years of the competition for projects. It is unique across Europe and is revered by the industry around the world.

David Smith, Chief Executive of Energy Networks Association (ENA) which represents the network companies and runs the LCN Fund Conference on behalf of Ofgem, said;

“The LCN Fund is paving the way to an innovative and smarter energy future. Everything the UK is looking to do for our energy future depends on the creativity of these projects and our engineers. The progress so far shows the vital role the networks have to play to achieving an affordable low carbon future.

“Having delegates here from across Europe and the United States shows how valued this initiative is. It is an unparalleled opportunity for engineers to share their learning for the benefit of all customers. They are, after all, the most important factor here and our work is to ensure we make the best use of their money to save them greater increases in the future.”

Hannah Nixon, Senior Partner Distribution at Ofgem said:

“The LCN Fund was developed to deliver essential innovation needed by the energy industry to modernise the electricity network. Smarter solutions can help reduce the cost of network investment needed to rewire Britain. Knowledge-sharing events at conferences like this are crucial for helping industry to deliver workable, value for money solutions for Britain’s consumers.”

Paul Jewell, Policy Manager for the LCN Fund Conference co-hosts Western Power Distribution, said:

“The LCN Fund is a truly collaborative approach to the innovation for the future that we need. Sharing research and development in this type of forum with other network operators will ensure we have an electricity network that is value for money and provides the best solution for consumers.”