Householders and businesses in the UK could sell their own energy within a local power network under new smart grid plans unveiled today.
Electricity network operators across England, Scotland and Wales have committed to deliver £17 billion of benefits by 2050 as a result of the overhaul of the networks.
They have announced a joint commitment to create new markets “to enable flexibility services that will compete alongside traditional investment”.
Under the plans, consumers could sell power generated by solar panels and turbines or from electric vehicles or directly to neighbours using blockchain technology and be paid to do so.
Businesses can also adjust their electricity use when they least need it and use smart energy efficient technology to adjust consumption remotely as well as buy power from battery storage.
David Smith, ENA CEO said: “Our energy networks have a great track record of delivering for households, businesses and communities when it comes to network reliability, reducing costs to the billpayer and driving forward new investment in our infrastructure.
“Today’s announcement builds on that, as our energy market rapidly changes. It is about creating a system that creates a platform for a whole range of new energy technologies and services that now only allows network companies to manage the system more effectively but give other organisations the chance to benefit from that, whether that be directly or indirectly.”