Businesses could receive financial incentives for cutting the amount of electricity they use through a new pilot scheme, writes Energy Live News.

British firms and other organisations such as charities that install more efficient motors, air conditioning and lighting could get cash from a fund worth up to £20 million for reducing their energy usage.

Energy Secretary Ed Davey confirmed an Electricity Demand Reduction (EDR) auction will be set up where organisations based in Britain can bid using the electricity savings they can offer and the price they are willing to accept to deliver these savings.

It is expected to open for bids in summer 2014 and run for around two years.

Read more on this story at Energy Live News