Industry regulator Ofgem has unveiled plans to introduce incentives for firms that find innovative solutions to reduce their business energy use and meet low carbon commitments.
As part of a major overhaul of the UK's energy regulation, Ofgem said it plans to facilitate £32 billion of investment in low carbon networks and expand the low carbon innovation fund to encourage greater innovation across gas and electricity networks.
Ofgem said it also plans to extend price controls for energy networks from five years to eight years in order to give investors longer term security.
The £32 billion investment is just part of the £200 billion needed over the next ten years to secure sustainable cheap energy supplies at affordable prices for customers.
Alistair Buchanan, Ofgem's chief executive, said: "If Britain's energy networks are going to meet the challenge of delivering a low carbon economy then we need them to have innovation in their DNA."
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