OEEX (Open Energy Exchange) is an online platform designed to connect consumers directly to clean energy producers. Blockchain technology makes peer-to-peer energy trading efficient and secure.
While many countries are boosting investment in renewable sources, many citizens find it difficult to tap into clean energy to meet their own needs. OEEX is like a ‘middleman’ who sees and seizes a win-win opportunity that makes clean energy the cheapest and easiest to use.
In some cases, it now costs less to produce electricity through wind and solar farms than at traditional power plants. But clean energy production can be a bit erratic, so retailers pay a higher price for the steady of electrons from more stable sources. And pass the extra cost on to customers.
Meanwhile, clean energy produced that doesn’t find a buyer is essentially ‘dumped’ or ‘shed’.
Through customised software, OEEX helps energy producers let individual customers know—in real time through smart phones or their computers—when clean energy is available for sale and immediate use.
In turn, when customers tap into electricity as it is produced, the grid operates more efficiently, and producers avoid costs associated with having to store and ‘re-dispatch’ it later on. Producers who sign on with OEEX agree to share the cost-savings by adjusting prices downwards. In the end, customers pay less for electricity while also protecting the environment.
So how can the OEEX platform help people in energy poverty? Low-income households that opt in can time their big energy activities—such as doing laundry or taking a hot shower—to when they get a notification that cheap electricity is available.
Recognising that people might be unsure of such a new model for buying and selling electricity, OEEX uses blockchain technology, which can track renewable energy transactions more efficiently and securely than traditional methods involving utilities and governments.
Marco Borghesi, CEO of OEEX, is among 15 finalists in the Tackle Fuel Poverty Initiative launched by the Schneider Electric Foundation, the Ashoka Foundation, and Enel Group. Check out his video interview to learn more.