We are committed to identifying opportunities for the continuous improvement of our networks and to delivering value to our customers; innovation is one of the means through which we can achieve these aims. Find out below how we and our partners are contributing to the delivery of our innovation portfolio.
In July 2013, we announced our business plan for the RIIO-ED1 period (2015-2023). This plan will provide an overview of our strategic decisions for the next electricity distribution price control (RIIO-ED1). The review will set the revenue companies are allowed to collect for the eight-year period from 1 April 2015.
A core document to the business plan is our Innovation Strategy, and will set our direction up until 2023. It outlines that we are in a position to meet the efficiency challenges that we have set ourselves, by replacing assets reaching end-of-life with equipment which is more cost-efficient or offers more capabilities for the same price. Our plan should also demonstrate that we are taking an innovative approach to support the low carbon transition, and we are exploring levers at all stages in the value chain, from trialling financial incentives for customers able to suppress or shift their electricity demand, through increasing flexibility within the existing network, to building smarter or more capable networks when there is no alternative, all with the customer in mind.