The three-year project, which consists of eleven partners and is coordinated by Fundacion Tecnalia Research & Innovation, Spain, is a major financial award (£2,431,586.34) under the 'EU Framework 7 Environment Theme; Collaborative Project Scheme, Energy efficient retrofitting and renewal of existing buildings for sustainable urban districts'.
Research at London Business School will focus on the business models to optimise how district infrastructures can be renewed to become efficient, low-cost energy production and consumption systems.
Derek Bunn is Professor of Decision Sciences at London Business School and has led an energy markets research programme there for over twenty years, advising many companies and government organisations on making electricity markets work more effectively.
"On the demand side of electricity markets, we are seeing growing use of renewable technologies, the development of smart grids, dynamic pricing, the design of carbon neutral commercial buildings, and industrial co-generation," he said.
"With over 40% of overall energy consumption in Europe related to the building sector and more than 70% of the building stock built before the 1970s, the EU has identified systematic retrofitting as a priority area for innovation and to enable us to meet European targets for energy sustainability."