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Supporting a future of abundant, clean and local energy
The global electricity system, the essential service that underpins all of modern society is undergoing radical change, as we shift away from fossil fuels towards renewables. A new model for trading electricity which would be ideally suited for this new world of decentralized power generation.
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Nature and Context
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Having a web based peer-to-peer electricity marketplace will enable consumers to buy directly from local renewable power generators. Commercial consumers will be able to choose where their electricity comes from, and benefit from the cost and efficiency savings of buying local electricity. Customers will be able to see accurate breakdowns of exactly where each kWh (unit of electricity) was generated and all the costs associated with each transaction. The renewables market is growing steadily, currently producing 25% of the EU’s electricity. With leading utilities announcing plans to completely divest from fossil fuel generation and invest heavily in renewables, the timing couldn’t be better for such a service.
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Potential Solution Funding
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Open Utility, Ltd
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