Today, Green Mountain Power (GMP) and LO3 Energy launched the country’s first peer-to-peer marketplace for renewable energy in Vermont. The marketplace is called Vermont Green.
Green Mountian Power
Green Mountain Power is Vermont’s largest electric utility with about 265,000 residential and business customers. GMP is known for being an innovator in the energy industry. They were recently named one of Fast Company’s top ten most innovative companies in energy. They made headlines earlier this year with a pilot program to provide customers with Tesla Powerwalls in exchange for control of those devices during times of peak demand.
LO3 Energy is a blockchain company known for developing peer-to-peer distributed energy marketplace technology. They are best known for the Brooklyn Microgrid. The Brooklyn Microgrid shares many similarities with the Vermont Green project, but it is currently only a simulated marketplace. LO3 was selected by GMP to launch Vermont Green over 5 other applicants.
Vermont Green will be accessible through an app available to GMP customers. A test program will launch on December 2nd of this year with 200 customers. 150 customers will be residential customers with renewable generation. The other 50 customers will be businesses that have a demand for more renewable energy.
The app will allow buyers with a demand for renewable energy attributes to bid into an auction daily. The marketplace will settle the auction daily and provide buyers with renewable energy attributes created yesterday. This provides a much simpler approach than traditional Power Purchase Agreements, which are the current standard model for procuring renewable energy attributes.
For more information on the project, see this blog post from Microgrid Knowledge. They provide more details from the November 18th regulatory filing that GMP filed with the Vermont Public Utility Commission.
Here’s some information on other blockchain companies working to provide an alternative approach to PPAs
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