Blockchain peer-to-peer energy exchange launches in UK
More than 3,000 British homes have signed up for a peer-to-peer scheme to receive 100% traceable renewable energies.
The initiative from Rebel Energy, a green energy supplier “rebelling” to end fuel poverty, and renewable peer-to-peer exchange developer UrbanChain, is supplying the homes with 100% traceable renewable energy from a combination of solar, wind and hydro assets in their specific localities.
The 3,000 homes in the P2P exchange are spread across the UK, including in Scotland, Wales, Manchester, Birmingham, London and the southwest.
“The only way to move the energy transition forward is to decentralise the generation of energy. And this is what UrbanChain is enabling,” states Dan Bates, CEO of Rebel Energy.
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“People increasingly want to know exactly how their energy is generated so that they can make informed choices. We are working together to make the electricity supplied to customers fully traceable to the UK farm where it was produced.”
UrbanChain CEO Somayeh Taheri describes the project as a first, as green energy up until now has always been affected by ups and downs in the gas market – and that’s because renewables are intermittent and green energy is fed into the wholesale market before customers buy it back at much higher prices.
She adds that five years ago, with a mission to alleviate fuel poverty and to fix a broken inefficient energy market model, the company set about onboarding businesses and renewable energy generators into its P2P exchange.
“While we remain the only British renewable energy exchange we have now started bringing domestic households into the exchange so they can receive the same benefits our AI and blockchain-driven technology platform enables.”
The solution should be mass scalable to enable the companies to achieve their ambition to become among the largest energy suppliers in the UK, with every household to be able to take advantage of the energy transition.
Traceability and energy trading are considered among the key applications for blockchains in the energy sector with numerous projects underway in countries worldwide.
