Ofgem will offer US $619 million for big, bold and ambitious ideas

British energy regulator Ofgem said it will offer US $619 million (450 million pounds) over the next five years to promote green innovation across gas and electricity networks.

The funding will be available to network companies, system operators, businesses and researchers to drive "big, bold and ambitious" ideas that can accelerate the transition of the UK to an emissions-free energy system.

"What we need more than ever to reduce greenhouse gas emissions and reach net zero is innovation," Jonathan Brearley, chief executive of Ofgem, said.

"The Strategic Innovation Fund will ensure the best projects and most talented minds have the grants available to reduce carbon emissions and enable bill payers to see the benefits of building back greener," said Martin Callanan, energy minister at the Department for Business, Energy and Industrial strategy (BEIS).