23 Feb Project X – could we be ready for the Uber of energy?
It’s clear from the number of schemes on offer around energy flexibility, that it’s a growing trend for value creation for end users. Whether you decide to opt for the National Grid Schemes (STOR), new Demand Side Response schemes, or have even implemented on-site generation, the premise is really the same. You are no longer a simple end consumer – you are now able to turn up/turn down and in some cases produce your own energy, and all of this has value.
You don’t have to look too far to see others taking this concept even further. A new entrant energy retailer, Powershop in Australia, has been allowing their customers to buy and sell excess solar energy with one another on the same street (https://onestepoffthegrid.com.au/powershop-launches-p2p-solar-product-victorian-customers/). What drives the demand for these types of offerings is an energy system which is transitioning to a decentralised grid, where customers are installing batteries, solar panels and other forms of generation, creating an ability for them to actively participate in the market. And thanks to the advancements in several technologies, including IoT, Algorithms, Machine Learning and now Blockchain, it might just be possible to leave all this to the computers to organise themselves.
At Utilidex we believe this type of operating model will become more and more common place in the Energy Market in years to come. And it’s our goal to make sure our platform enables these types of transactions, in an open and transparent way for customers and suppliers.
Each year we’ve run several R&D initiatives with our Partner Microsoft – on technologies that have the potential to shape and change our industry for the better. Codenamed Project X – the projects are our chance to trial the latest in tech and collaborate with customers and partners to turn them into reality.
Recently, Project X has been taking a look at Blockchain/Distributed technologies and how these might help facilitate the simple and efficient settlement of flexible energy transactions. We never plan to be the broker or retailer providing these services, but we want to make sure our technology helps power those innovative companies that want to offer these services to end clients.