The UK government along with Ofgem has laid out a plan aimed at giving consumers more control over their power consumption and also to support innovative new technologies.
According to Ofgem, the plan is to upgrade the energy system in the country while unlocking smart energy system for the future.
Adding further, the independent energy regulator for the UK said that smarter energy system will assist people and businesses to make more informed choices as to when they can use power and charge products like electric vehicles among others.
In this regard, a report named ‘Upgrading our energy system’ has been prepared which talks about how the energy system in the country is transforming and how it can make sure of reaping financial benefits for businesses and homes.
UK Business and Energy Secretary Greg Clark said: “Upgrading our energy system to make sure it is fit for the future is a key part of our Industrial Strategy to deliver a smarter, more flexible energy system.
“A smarter energy system will create new businesses and high-skilled jobs, while making sure our infrastructure is able to cope with demand.”
The plan is expected to bring about a change on how businesses and homes store and consume energy. It will provide a smarter flexible energy system than before by eliminating barriers to smart technology, thereby cutting down costs for consumers.
Ofgem energy systems senior partner Andrew Wright said: “We want to open the door to new technologies and services so that they can help to reduce bills for consumers in the long term.
“It is vital that we get the changes in place as there is potential for a smarter system to save consumers billions between now and 2050.”
Ofgem claims that the new measures could yield savings of up to £40bn on energy costs in the future.