British energy giant Centrica announced April 30, 2018, that it plans to “deploy blockchain technology as part of Local Energy Market trial in Cornwall.” The platform, named Exergy, will enable small consumers and businesses to trade electricity with each other depending on need.
The pilot project, to be implemented in partnership with LO3 Energy, aims to unlock potential savings for around 200 households. The trial is a part of Centrica’s £19 million local energy market program that will find new technologies to disrupt the traditional power business.
Mark Hanafin, Chief Executive of Centrica Business said, “This is an exciting opportunity for us to test blockchain technology beyond the theoretical and put it into practice, developing innovative new solutions that will empower consumers in the UK, North America and beyond to take control of how they engage with energy.”
The use of blockchain technology will enable large power consumers to place customized orders as per their need. These consumers, who do not currently have a fixed price contract to obtain electricity, will be then matched with the most competitive bid.
LO3 Energy CEO, Lawrence Orsini, said, “Exergy is designed to empower new prosumers while enabling traditional industry players to shift business models and find their place in the energy market of the future.”
According to a MIT Technology Review, experts believe that blockchain technology could potentially help keep track of how much clean energy is produced.