Today I’m happy to announce that I’m taking on a new client, Omega Grid! Omega Grid is a blockchain based energy rewards platform. Essentially what it does is incentivize demand response management for the electric grid.
What’s demand response for the electric grid? And why is it important? Demand response is the voluntary actions utility companies offer to customers to reduce strain on the electric grid during peak hours. Some examples are use rate increases, bill credits or other incentives to control demand on the electric grid during periods when electricity demand is threatening to outpace the electricity supply.
I like to think of it as an Uber scenario. Let’s say there’s a huge football game going on and right after the game ends, people make a mad dash to hail a ride. Everyone opens the Uber app the get a ride, causing 1) a traffic jam and 2) surge pricing for all those rides. A similar case happens during peak hours with electric grids. Peak hours are when electricity demand is greater than supply. Too many people are causing “traffic jams” on the grid which can lead to electrical fires on the grid. Furthermore, utility companies have to acquire more electricity to meet the demand which is more expensive. Basically causing surge pricing with the customers.
Here’s where Omega Grid comes in to play. Omega grid has built a grid management software that helps facilitate demand response actions with the end users, the customers. How it works is that we work with utility companies to provide incentives for positive demand response actions.
I’ll share our first pilot project. Omega Grid is piloting its software with Burlington Electic Municipality (utility provider for Burlington, VT). We’ve signed up residents for our app based demand response dashboard. When electricity is witnessing peak hours, the customers are sent a notification that if they reduce their electricity consumption they will receive a token in their app wallet instantly. The token can then be redeemed at local vendors (movie tickets, a drink, ice-cream, etc.) or sold for cash later. With this incentive, customer not only saves on their monthly electricity bill but also can rack up tokens of rewards.
What drew me to this project is that Omega Grid is constantly promoting clean, sustainable energy. Often times when there is peak energy demand, that is when electricity is the dirtiest, coming from fossil fuels like coal and natural gas. But by reducing peak demand usage, we promote cleaner energy. Omega Grid’s vision is to be able to add community solar farms, battery storage, and wind energy to the demand response software.
That’s one goal I can 100% commit myself to, a more sustainable world!