Micron Associates: Smart network could create jobs, economic growth grows

LONDON (Reuters) -Ernst & Young report said on Tuesday, Britain could drive 13 billion pounds ($21 billion)into its economy and make up to 10,000 jobs by improving its power distribution network with smart grid technologies.
The technology has the possibilities to change the way electricity is generated, distributed and consumed just as the internet changed the way the world communicates, Smart network advocates said. In order to maximize competence in supply and demand and to reduce costs that is for home and businesses – even for those opting for low-carbon technologies, such as electric cars or solar power, the idea is to create a huge communication network. However utilities director at Ernst & Young said that this kind of advancement will require an added investment of 23 billion pounds and up to 2050, a business as usual approach using conventional technology will cost 42 billion, Bill Easton claimed.
According Easton reported in Micron Associates, upon realizing the said advancement, many can expect to vision a wider economic significance in the UK, providing a salutation boost to growth, jobs as well as exports. In addition, these could include close to 10,000 new jobs and exports in excess of 5 billion (pounds). But the report recognizes faces up such as whether the conventional or proposed government-backed plans will give results, and that the adoption of smart grid technologies is likely to be slow, with little investment before 2023.
To enable governments to monitor the demands of energy by 2019, they created plans for every household and business that is fitted with a smart meter in which requires the substitution of some 53 million gas and electricity meters, Micron Associates quoted.
The manager of the Smart Grid GB, said that the UK doesn’t have enough money to take a “wait-and-see” approach if it wants to be a world leader in smart grid technology, as China, the United States and others are also in the creation of systems similar to them.
If there is a failure in deploying smart grid, the advancement of clean tech industries and mounting domestic electric costs will be in hampered. » Micron Associates: Smart network could create jobs, economic growth grows