The initiative is being led by Cheshire's Energy Innovation Centre (EIC), with help from Electricity North West, Northern Power Grid, ScottishPower Energy Networks, Scottish and Southern Energy and UK Power Networks. "This is an opportunity for the UK to further develop the way energy is distributed, whether this is a new or early stage idea or an existing technology from another industry," said Denise Massey, director of the EIC. "We are looking for products that will help manage demand and encourage more efficient use of energy in the home and workplace." It is estimated that the UK power industries operate networks with a replacement value of £150billion. The low carbon agenda is expected to change the way energy is bought and procured in the future, which is why the EIC is looking to invest in SMEs, start ups and inventors with new solutions and ideas.