Commercial, Demand Management, Industrial - April 9, 2018
New blockchain targets C&I energy needs
A new business-to-business transactive energy network called Exergy™, designed to help commercial and industrial (C&I) businesses cut costs and improve efficiency, has been launched in Texas by LO3 Energy and Direct Energy Business. Phase one of the program is due to begin in Texas later this year.
According to a statement from Direct Energy Business, LO3’s Exergy platform will make it possible for large C&I companies to automatically place orders for customized power hedges, as small as the hourly level, and be matched with the best offer in a competitive system. Direct Energy Business customers who sign up for the project will use LO3 Energy proprietary smart meters to access the Exergy platform, which uses blockchain technology to create a secure data network. The platform allows firms to generate, store and share their energy usage data securely and automatically match their energy procurement to meet their requirements far more cost-effectively than currently possible.
“Direct Energy Business is focused on helping businesses lower their energy expenses with innovative products and services that allow them to manage price risk or reduce usage altogether,” explained John Schultz, president, Centrica North America and Direct Energy Business. "By working with companies like LO3 Energy, we can leverage new technologies that bring the future of energy to our customers. The Exergy platform will further integrate customers and suppliers and provide additional choice for their energy needs."
"Businesses traditionally manage electricity price risks by signing fixed price contracts with their energy supplier or committing to long-term purchase agreements for solar and wind," explained Lawrence Orsini, LO3 Energy CEO. "But energy should be treated like any other asset or cost that needs to be managed and the ability to time market purchases and select from a mix of resources can yield large savings versus ‘set it and forget’ approaches. The future of energy is changing, and this project will put businesses in Texas on the map as the innovators who led that change."
Interested in our 2018 Renewable Energy Sourcing Forum? Check out highlights from the 2017 event in the video below.