Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious Outperformance
Find Stocks Now

British regulator OKs plan to pay homes to use less power this winter

Published 27/10/2023, 10:37
© Reuters. FILE PHOTO: The sun shines behind an electricity pylon near Oxford, Britain, January 23, 2023. REUTERS/Toby Melville/File Photo

LONDON (Reuters) - British energy regulator Ofgem has approved plans to pay homes to cut electricity use and help prevent power shortages this winter, it said on Friday.

Under the demand flexibility service (DFS), homes that are signed up with their suppliers are paid, usually via discounts on their bills, for turning off appliances such as ovens and dishwashers during a specific period when electricity demand is high.

In a separate announcement National Grid’s Electricity System Operator (ESO) said the service would be available from October 30 and that it will shortly publish a list of registered suppliers signed up to the scheme.

Some 1.6 million British homes joined the service last winter, saving over 3,300 megawatt hours (MWh) of electricity, or enough to power around 10 million homes, ESO previously said.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.