A UK government-backed group Smart Grid Forum has published a routemap report outlining how smart grid technologies will be rolled out in the next few decades.
‘Smart Grid Vision and Routemap’ sets out a vision of how smart grid technologies could deliver economic savings of up to £12 billion a year by 2050.
The UK will undertake a phased rollout of smart grid technologies that aims to slash greenhouse gas emissions, curb increases in energy bills and enhance energy security.
The 62-page document is backed by government and industry, which see the investment potential of creating an infrastructure strategy for smart grid technology.
Michael Fallon, energy minister, said: “Our electricity market reforms will provide a stable and attractive environment for investors in low-carbon generation and support growth.
“It is therefore vital that we modernise our infrastructure to ensure it supports deployment and meets customer needs.”
The report suggests smart grid technologies could deliver £13 billion of gross value added and £5 billion of potential exports by 2050, while creating about 9,000 jobs by 2030.
Contract worth £100m
A company in northern England is one of the recipient’s of the smart grid economy.
EDMI Europe based in Newcastle has secured a contract worth more than £100m as part of the countrywide roll-out of smart meters.
The move forms part of a Government mandate that will see 53 million meters installed in 30 million homes and small businesses in Great Britain by 2020.