North American-based energy retailer Direct Energy in partnership with smart energy solutions firm LO3 has unveiled a business-to-business transactive energy network for consumers in Texas.
The energy network, Exergy, will help commercial and industrial customers to improve their energy efficiency and cut costs.
Exergy will provide users with access to the cheapest and cleanest energy.
Users can use the technology to place orders for customised power hedges, as small as the hourly level, and be matched with the best offer in a competitive system.
The project will be implemented in phases, with phase one set to launch later this year.
The energy network is based on a blockchain technology, which LO3 developed for the Brooklyn Microgrid project in New York.
Consumers will be equipped with onsite energy generators, storage and smart metering systems. The network will provide consumers with real-time energy generation and usage data and the status of energy demand across the whole energy (registered or connected customers).
John Schultz, president: Centrica North America and Direct Energy Business, said: "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."
LO3 Energy CEO Lawrence Orsini, added: "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.
"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."