A U.K. consortium led by blockchain technology developer Electron is hoping to have an “energy eBay” up and running by June. Joanna Hubbard, COO of Electron, says that bilateral trading on the site will begin in a few months, and the project will become a shared marketplace for energy assets to respond to pricing signals.
Electron won a $900,000 grant to develop the energy trading framework in 2017 and is backed by some big names in energy like Siemens and National Grid. They realized that it wasn’t the tech that would be a hurdle, but “getting the industry buy-in,” said Hubbard.
But there are companies who jumped at the chance to be a part of the trading site.
Yoav Zingher, KiWi Power’s CEO and Founder, is excited to be a part of the project, stating, “Open and transparent markets are of vital importance to secure the most efficient, flexible future for electricity markets. KiWi Power has a strong track record over the past decade of delivering the best results for our clients in existing markets and will use this experience to guide the development of this new dynamic marketplace. As disruptive pioneers in the electricity industry we are excited to be part of a leading project to bring markets for flexibility forward into the 21st century.”