The energy industry took a giant step towards a consumer-run future today (Monday April 11, 2016) when New York start-up TransActive Grid enabled the first ever peer-to-peer paid transaction of energy in the USA. Transactive Grid is a joint venture between ConsenSys and L03 Energy.
The Brooklyn-based company is creating a ‘microgrid’ where residents can buy and sell renewable energy. Once rolled out on a bigger scale, the concept could radically change how energy is bought and sold.
TransActive Grid co-founder Lawrence Orsini said: “Today’s transaction of local environmental attributes was a huge moment for the energy industry.”
The historic transaction saw Eric Frumin, long time Brooklyn resident and social justice activist, sell excess renewably generated energy directly to former ENERGY STAR program manager Bob Sauchelli.
It was the first proof of concept for the new microgrid, in which computer controlled energy measurement systems are installed in private houses and linked into a community to allow people to create, buy and sell energy to each other.
Orsini added: “This is a necessary evolution to the energy markets. People want more choice in where and who they get energy from – and buying energy from neighbours in your community will soon be the best way to do it.
“This is only made possible in the US because of progressive changes in policy and the engagement of the progressive utility companies, who see their place in the future of distributed energy. We look forward to working with both to see that future”
TransActive Grid hopes the simple and cost effective platform will encourage more consumers to generate their own energy through renewable sources, reducing the reliance on fossil fuels.Sauchelli said: “I’m very excited to be part of this evolution of the energy markets. I look forward to supporting my neighbours in their investment of green energy by […]
