Power to the people – the blockchain’s consumer energy revolution begins in New York iStock The energy industry took a giant step towards a consumer-run future today (Monday April 11) 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 Ethereum-based blockchain development studio ConsenSys and L03 Energy. It creates 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.
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TransActive Grid co-founder Lawrence Orsini said in a statement: "Today’s transaction of local environmental attributes was a huge moment for the energy industry.
"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"
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.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 being their customer in the future."Frumin […]
