London Offers Prize To Energy Efficient Entrepreneurs

The Mayor of London, Boris Johnson, has offered small companies and start-ups the chance to compete for a £20,000 prize for designing electricity-cutting technologies. As part of a bid to reduce the capital’s incredible electricity usage, Johnson’s administration has decided to utilise outside help with the carrot of a cash prize.

The prize is funded by City and has just over a week remaining for submission cut-off. There has been concerns that the national grid has been pushed to its limits by the increasing use of electricity by the nation. The challenge now for the small businesses is to find an elegant solution to reduce the energy consumption without causing any negative effects to businesses and personal properties.
With the constant growth of population in the capital as well as more and more dependency on electricity, the energy consumption of the capital is growing at a rate of 4% per year. There are concerns that London will face energy outages and blackouts if the current rate of consumption continues.
This is not the first incentive that the Mayor’s office has offered to businesses in London to reduce the energy consumption. London businesses currently receive payments for reducing their energy demand.
The successful entrant will see their pilot plan rolled out. This new form of technology or intuitive concept could be an extremely significant step in helping the UK achieve the energy consumption reduction targets set by the EU before 2020. The London Mayor is hoping the prize incentive will inspire energy efficient engineers.
Boris Johnson’s Conservative Party have come under fire recently after the UK fell behind other European countries in Energy Efficiency Programmes, despite committing to the Green Deal and Energy Performance Certificates some time ago.
“It’s imperative that we do everything we can to ensure London has a reliable and secure energy supply for the future,” said Johnson. “Alongside measures to generate more of our own energy in the capital, and to encourage businesses to be more responsible, I want to make it easier for
Londoners to do their bit, have better control over their energy use and be rewarded for it.”
The closing date for entrants is 17 April and the winners will be announced at the Cities Summit in June.
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