Electricity in Texas is about to get cheaper thanks to Public Utilities Commission of Texas’ (PUCT) approval of a REP license to company Grid+, writes Bitrates.
The Grid + token, once issued will reportedly reduce electricity costs to the customer using the Ethereum blockchain, meaning consumers will now be able to access wholesale energy markets.
As one commentator observed before blockchain became the focus of many energy companies, “Solar technology and battery storage are important. But what has been missing is a technology on which to organize, coordinate and secure a true peer-to-peer power grid.”
It appears that this is now happening with more regularity, with companies employing technology to pass on financial befits to consumers. As most homeowners, businesses, governments, and other organizations get their power from regulated utilities at regulated prices, many are looking for new, cheaper, more efficient, alternatives.
Grid+ promises their customers such an option by tapping into blockchain and increasing efficiency and costs, also claiming that they can provide greener energy using the Ethereum blockchain.
Texas has been announced as the company’s initial target, launching their decentralized system in the second quarter of this year. If successful, they hope that other companies in the energy sector will follow suit and adopt their own blockchain solutions.
The advantage of utilizing the blockchain over existing system means that companies need not go through a central authority, and can bypass intermediaries, saving significant dollars on energy bills. Grid+ is not an isolated company offering energy solutions, as this market has now become quite buoyant, particularly in Europe where a new wave of innovative ideas are originating using new technology in both non-renewable and renewable markets.
Solarplaza research, conducted earlier this year, showed that out of the 90 companies involved, over 50 percent of blockchain projects working in the energy space were European based companies, according to Cointelegraph. However, the US remains at the top in this field with projects such as the LO3 Energy project, developing the Brooklyn Microgrid, thereby enabling customers to buy electricity through their platform.
Also, cryptocurrencies have been developed so that customers can pay for their energy using digital currency, such as in Holland where company Spectral Energy developed the Juliette coin so that local residents in Amsterdam could use it to pay their electricity bills.
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