Bittwatt’s Smart Energy Grid Makes Renewable Energy More Cost Competitive
| Updatedby Maria Konash · 4 min read
BittWatt introduces smart energy management tools to enable green consumer optimize energy choices and embrace more new, clean technologies.
While it is true that wind, solar, biomass and other clean power generation are becoming more and more competitive compared to fossil fuels, much of this cost advantage is eroded by the time the power reaches the consumer.
Would you like to use and even generate green power at costs competitive with and even lower than those of fossil fuel?
Bittwatt has created a market where all of the actors in the electricity market can operate transparently—producers, suppliers, traders, transporters, distributors and system operators—without the frictions that can add 200-400 percent to the price of electricity before it reaches the consumer.
All transactions are facilitated through smart contracts, functions of which are automated by the BittWatt network. A supplier can buy and sell electricity using real-time pricing without having to wait days to settle contracts, while consumers benefit from real time energy pricing and management.
The energy savings potential of an energy market with real-time pricing accessible to the small residential or large industrial customer alike is tremendous. Take the rapidly growing renewable energy market as one example. Bittwatt’s smart energy grid is making it easier to go green.
BittWatt allows to compare suppliers based on pre-selected criteria. In the traditional system, once you have chosen your renewable energy supplier, switching suppliers can take a long time, from weeks, to months in some countries. On the Bittwatt platform, members can sign up with a new supplier in 24 hours. The shared administration and contracting platform has been built to facilitate cooperation and interoperation.
Real time energy pricing, in its turn, allows to manage power more efficiently by using resources at non-peak power price times. Also real time pricing vastly improves the accuracy of price forecasting. Knowing exactly how much you can earn by selling energy back to the grid and at what times can help you make smart decisions on investments regarding additional renewable energy capacity and storage.
Many energy consumers with solar power, biomass and other self-generation are seeing excess power being wasted due to a lack of accurate pricing signals. The Arbitrage Energy Exchange allows energy consumers to respond to transparent market pricing based on the activity of all electricity market operators on the BittWatt digital grid, use the demand-response mechanism to make smart energy allocation choices, and sell electricity overcapacity back to the grid. A more efficient energy management system, for example, could make an electric car with car charging station an affordable addition to your smart home.
BittWatt’s smart consumer market significantly expands the opportunities for renewable energy self-generators to sell and profit from their excess power. Like large generators, they have access to a robust set of selling options, balancing mechanisms, smart contracts, and real time pricing and market data.
Bittwatt co-founder Christian Hagmann had been developing IT solutions for European electricity markets since the early days of electricity market liberalization, when he conceived of this smarter energy world. The blockchain provided the enabling technology, which made Hagmann start focusing on building blockchain, including the crypto exchange and payment gateway that will power Bittwatt trading COSS (Crypto-One-Stop-Solution).
Bittwatt is already operating in London, Bucharest and Singapore—the first steps toward its expansion into the first international tokenized market for electricity. The Bittwatt partnership – Energy Market TSC (Bulgaria), EVA Energy (Romania), and Future Energy (Macedonia) – already manages over 1,000 GWh of electricity in the European power market. An advisory team of global energy and blockchain experts is helping to lead the development of the first real time electricity exchange for all market players—the required market setup for transparent real time pricing.
With the Bittwatt token, any market member can start trading electricity on the network, where one BWT equals one kWh, or about $0.12 at current electricity prices. The initial coin offering (ICO) began on April 1st and runs for 60 days. The pre-ICO hit its target of $10.8 mln in five days, but early birds can still receive a bonus.
