Thursday 23 November 2017

Blockchain energy trading hits Hackney estate

A peer-to-peer (P2P) energy trading community could soon bring cheaper energy to social housing residents in London.

Machine-learning specialist Green Running's offshoot Verv has announced the launch of what it claims is the UK’s first such network at the Banister House estate in Hackney.

Its blockchain-based solution has received a grant worth more than £100,000 from the government and will be installed into 40 participating flats in the community.

Solar panels are already installed on 17 of the estate's blocks but residents have run into problems with meeting demand in cloudy winter months and having surplus energy in the summer.

Verv says the new project, which incorporates individual and communal battery storage units, will work to solve these issues by allowing power to be stored and then traded between flats.

Peter Davies, CEO of Verv, said: "We are on a mission to give the consumer control of their energy and the Banister House project is a fantastic opportunity to bring to life just how much this P2P infrastructure can benefit areas such as social housing."