National Grid sees £6.9 million worth of innovation benefits realised, and forecasts more.

National Grid Issues first Innovation Value Mid-Term Report. £6.9 million worth of benefits realised, and approximately £100 million worth of forecasted benefits for consumers

10 Apr 2017

Investment in a series of innovative projects could see forecasted benefits of £100 million for bill payers by 2021, according to a new report published today by National Grid.

The ‘Innovation Value Mid-Term Report’ reflects National Grid’s performance in delivering value through investments in innovation. This is the first time a network company has quantified the value of improving, modernising and changing ways its ways of working.

Across ten different projects on its gas transmission network, National Grid has already seen savings of £6.9million; savings that represent four times the value that the company invested.

One project example is the installation of new gas sampler analysers, a piece of kit that determines the composition of gas, across the high pressure network.  Replacing the traditional design with smarter sampling means less excavation work is required, as well as fewer construction materials which in turn shortens length of the project. This new technique delivered a total saving of £1.3m across 37 installations.

Pauline Walsh, Director of the Gas Transmission business at National Grid said,“Successful innovation takes drive passion and commitment and can come in many forms; be it new technology, commercial improvements or new ways of working. Innovation has huge potential to make things better for our customers and for bill payers by helping lower bills. I’m delighted with the value we have already delivered and the future value we expect to capture.”

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Notes for editors

To read the full report, click here:

Investments in innovative projects are part of National Grid’s commitment to Ofgem’s price control mechanism, which is designed to keep costs down for bill payers.

Now in the fourth year of the price control mechanism RIIO (Revenue = Incentive + Innovation + Outputs), innovation spend has totalled £10.4 million since 2013 and has funded over 110 projects in the Gas Transmission business area.  RIIO, which is agreed and set by the regulator Ofgem, supports two innovation funding mechanisms:  Network Innovation Allowance (NIA) and Network Innovation Competition (NIC). National Grid’s Gas Transmission business’s innovation portfolio encompasses a diverse selection within the NIA programme, and two NIC projects. 

Notes to Editors:

National Grid is one of the largest investor-owned energy companies in the world and was named Responsible Business of the Year 2014 by Business in the Community. This accolade acknowledges all of our efforts in getting involve with the things that really matter to us and to society. We own and manage the grids that connect people to the energy they need, from whatever the source.  In Britain and the north-eastern states of the US we run systems that deliver gas and electricity to millions of people, businesses and communities.

In Britain, we run the gas and electricity systems that our society is built on, delivering gas and electricity across the country.  In the North Eastern US, we connect more than seven million gas and electric customers to vital energy sources, essential for our modern lifestyles.

National Grid in the UK:

  • We own the high-voltage electricity transmission network in England and Wales, operating it across Great Britain
  • We own and operate the high pressure gas transmission system in Britain
  • We also own a number of related businesses including LNG importation, land remediation and metering
  • Our portfolio of other businesses is mainly concerned with infrastructure provision and related services where we can exploit our core skills and assets to create value. These businesses operate in areas such as Metering, Grain LNG Import, Interconnectors and Property. National Grid Carbon Ltd is a wholly owned subsidiary of National Grid. It undertakes Carbon Capture Storage related activities on behalf of National Grid.

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National Grid undertakes no obligation to update any of the information contained in this release, which speaks only as at the date of this release, unless required by law or regulation.