Centrica is trialling new technology which could “revolutionise” the way people buy and sell energy.
The energy giant’s blockchain technology is a platform that allows energy to be bought and sold between consumers.
The £19million Local Energy Marketplace (LEM) programme is being piloted in Cornwall, and will allow trading between 200 homes and businesses.
Centrica is also working on a similar scheme in Texas to cut costs for commercial businesses.
The company believes the scheme could disrupt the traditional energy model.
Mark Hanafin, chief executive of Centrica Business said: “The proliferation of digital technologies is having a significant impact on the energy industry, allowing us to find new and better ways of delivering energy and services to our customers.
“This is an exciting opportunity for us to test blockchain technology beyond the theoretical and put it into practice, developing innovative new solutions that will empower consumers in the UK, North America and beyond to take control of how they engage with energy.”
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