Business energy benefits from Ofgem £450m fund

Bella Young, Operations Manager
Bella Young, Operations Manager

Businesses could see benefits from a new fund that has been set up to encourage energy suppliers to find greener ways of powering companies and organisations.

The £450m fund announced by Ofgem - the utilities regulator - is to encourage “big, bold and ambitious” initiatives from energy suppliers and others.

The aim of the fund is to help keep bills as low as possible, drive the UK towards its goal of net zero greenhouse gas emissions by 2050, and help turn the UK into the ‘Silicon Valley’ of energy.

Business energy benefits

Projects could include developing new technologies for networks to support flexible energy solutions, such as battery storage technology, to ensure electricity is used and stored more effectively, thereby bringing down bills and emissions.

The scheme covers domestic energy usage as well as commercial and business, which accounts for 70 per cent of the energy used in the UK.

Bella Young, Operations Manager for Total Energy Solutions, which has its headquarters at Stoke Climsland in Cornwall, said: “The announcement of this £450m fund by Ofgem is an encouraging step in the right direction towards achieving the goal of net zero greenhouse gas emissions.

“Some of the major energy suppliers for both domestic and business markets have great ideas and are constantly innovating - this fund will help them to accelerate some of those ideas and projects and that can only be good news for all users.

“Many of our business clients have a very strong focus on achieving net zero emissions and using renewable energy sources. We work closely with them and the suppliers to ensure they can achieve their goals.

“The next five to 10 years will see some innovative ideas and solutions for reducing the impact business energy has on the environment - probably supported by this fund - and that is to be welcomed.

“We will continue to work with suppliers and our clients to ensure they can get the best deal for their needs and that meet their criteria for renewables and net zero emissions.”

To find out more on our work with businesses own managing their energy bills please contact us today.