Why does our electric grid need to change?
Solar and batteries are 85% less expensive
Costs for solar and batteries have fallen dramatically over the last ten years and are expected to continue to decline. In many places, generating and storing electricity locally is already less expensive than transmitting it over long distances from traditional power plants.
Inefficient grid design
Our electric grid was not designed to manage millions of new buyers interacting with local sellers. Our grid is designed for the annual peak hour and is underutilized over 99% of the time. This traditional design limits the amount of clean energy and electric vehicles that can be added to the grid.
What if batteries autonomously charged when there’s excess wind power, and businesses automatically reduced power demand when electricity prices are high? What if your local utility could add an order of magnitude more solar and electric vehicles to their existing grid?
Local energy market software
Omega Grid has developed a local energy market software platform that represents a light-weight wholesale system suitable for distribution grids. The financial market software helps determine the most efficient mix of generation and loads on a local grid.
Our Local Energy Market software is built with blockchain architecture, avoiding the need for a central clearinghouse, a single point of failure for the market, and expensive communication infrastructure to address latency. The platform accounts for local grid limitations and interfaces with the existing wholesale markets.
Frequently Asked Questions
You have questions, we have answers
Don't blockchains use lots of energy?
Some blockchain designs (like Bitcoin's) use a great deal of energy. We designed Omega Grid to be energy efficient.
Proof of Work algorithms are the reason that many blockchains use so much electricity. Omega Grid is built on an energy efficient Proof of Authority model. We also interface with public blockchain Proof of Stake networks that similarly use much less energy than Proof of Work blockchains.
I heard that blockchains are very slow, how can this work for my grid?
Omega Grid is designed to store information quickly.
Running an energy market requires many participants to share data over relatively short timeframes. Writing data to the Omega Grid blockchain is fast, we are targeting 5-min blocks in the field. Our technical proof of concept stored data in 1-min intervals. Our public blockchain interface has reliable settlements times under 5 seconds.
Do you understand that electricity is more than a financial transaction, it is a system complete with infrastructure and limitations?
Omega Grid takes the infrastructure constraints into account to help safely deliver electricity across the grid.
We take a cue from the existing wholesale transmission markets to calculate a distribution level congestion fees. Think of it as surge pricing that encourages the efficient placement and operation of generation on the grid.
If Omega Grid is fast, energy efficient, and understands grid infrastructure; is your technology even considered a blockchain?
Yes, a blockchain is a growing list of records, called blocks, which are linked using cryptography. [Wikipedia]
When we started Omega Grid, we recognized that most blockchains were largely not appropriate to help manage the electric grid. We built a lightweight blockchain technology suitable for operating in a cybersecure environment on utility infrastructure.
If you use Proof of Authority, then are you still relying on a central point of failure?
No. We can still perform calculations and conduct transactions independent of a central authority.
For safety and security, the initial setup requires your meter is registered with whoever is responsible for the local grid. After set up, we can still conduct fast, decentralized and secure transactions. The meter will receive pricing and reference our basis for any peer-to-peer agreements.
Reach out to learn more
4422 N Ravenswood
Chicago, IL 60640