Senior Design Team sdmay18-41 • Energy blockchain implementation for free market P2P energy trading
Open Energy seeks to provide energy consumers and producers a platform to reduce their energy bill and profit from energy generation. Through our transparent energy consumption tools, we provide consumers with real time analysis after installing our smart meter hardware technology. Consumers have the opportunity to understand trends within their usage in an effort to systematically reduce their consumption.
Currently under development is the energy production platform at Open Energy. The energy production platform consists of real time monitoring similar to the consumption platform while also employing an energy marketplace. The marketplace allows users that have energy generation to sell their excess energy to consumers. This is a net benefit for the consumer with a more competitive market to drive energy prices down. A small transactional fee is paid to the grid in order to facilitate this cost of energy transmission.
The energy marketplace will consist of an automated matching system for users that would like to purchase or sell third party energy. From a consumer’s perspective the system would identify the cheapest energy source and purchase accordingly. With increased usage the automation algorithm will match better energy sources due to more predictable energy consumption at your meter. As renewable energy generation technology prices drop, Open Energy is the platform to capitalize on sustainable energy at reduced prices.
At a grid level having real time energy data will allow the whole sale purchase of energy less variability and thus a reduction in over purchasing. Furthermore, with third party energy generation the upfront cost of new generation plants is reduced. A focus on grid transmission infrastructure can become top of mind for utilities. Taking into account the distance of each marketplace energy transaction there is an opportunity to reduce loss of power during transmission and distribution.