Wednesday 4 October 2023

‘Peer-to-peer energy trading slashes business bills by up to 90%’

‘Peer-to-peer energy trading slashes business bills by up to 90%’

Small and medium-sized enterprises (SMEs) at Mildenhall Industrial Park in West Suffolk have reported reductions in their energy bills, ranging from 20% to as much as 90%, thanks to a peer-to-peer energy trading initiative.

West Suffolk Council and Manchester-based deeptech company UrbanChain have partnered to establish a local green energy market.

Peer-to-peer energy trading enables individuals and businesses to directly buy and sell electricity.

West Suffolk Council has proactively invested in renewable energy infrastructure, with 272kW of solar PV installations on ten commercial buildings within Mildenhall Industrial Estate and ownership of a nearby 12MW solar farm.

By participating in UrbanChain's peer-to-peer energy exchange, the council's renewable generators have seen returns at least 35% higher than prevailing market rates.

Andy Oswald, who manages West Suffolk Council's energy generation, said: "It’s a great result that we are powering our own estate using UrbanChain’s peer-to-peer network. Our partners are consuming 100% locally generated renewable electricity."

Written by

Sumit Bose

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