Customers of Texas-based GridPlus Energy can pay electricity bills with cryptocurrency

Grid+ (or GridPlus), a blockchain startup operated by ConsenSys, the largest blockchain software company in the world run by Ethereum co-creator Joseph Lubin, has started to sell electricity to its Texas clients.

Grid+ is a next-generation electricity provider aiming to provide lower prices through intelligent software, hardware, and blockchain technologies. On June 21 last year, they secured a REP license from the Public Utilities Commission of Texas (PUCT).

The news first broke on September 21, 2018, on the company’s Twitter profile: “Groundbreaking milestone. The tireless Grid+ team has begun supplying power to their first four customers.”

 

More intelligent energy consumption

By leveraging the Ethereum blockchain, increasing efficiency, and reducing production costs the company can provide consumers with cheaper, cleaner, and greener energy at wholesale prices.

According to company’s blog post, residents in Texas towns served by Oncor or Centerpoint energy companies can now pay their electricity bill with Ethereum and DAI. The company says they could add Bitcoin “in the near future.”

Thanks to a custom-built gateway system and the Raiden Network blockchain solution, the startup can distribute renewable solar and wind energy to consumers throughout the US on the Ethereum mainnet.

Already now, GridPlus Energy customers in Texas can already receive electricity at wholesale rates. The company also aims for faster settlement cycles. Currently, the settlement interval is one month, but the company’s aim is ~15 minutes.

 

Blockchain and green energy

Over the past few years, especially in the deregulated market of renewable electricity, the demand for trusted energy distributors has increased significantly, with renewable sources of energy like wind and solar power constituting 20 percent of the US market share.

The increased demand put GridPlus at the forefront and prompted to build a decentralized system which will help the blockchain technology to lead a real role in the energy sector.

“ConsenSys identified the opportunity to form Grid+, which will build natively Ethereum-based utilities in deregulated markets. Grid+ will demonstrate production ready blockchain-based energy solutions at scale in competitive commercial environments in order to enable the transactive grid of the future and prove the advantages of Ethereum over incumbent technologies,” the Grid+ and ConsenSys team said.

Blockchain is making its way into the heavily-regulated energy industry. Some even talk about impending energy revolution when both utilities and consumers will produce and sell electricity.

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