Alectra Utilities Corp. aimed to transform the company into a new kind of partner to their customers. They wanted to explore innovative techniques and technologies for managing the grid as a two-way street, and for offering more flexible transaction services that go beyond the typical credit on the electric bill for customers that generate energy.
Alectra engaged the iX team from IBM Global Business Services for a Design Thinking workshop to explore promising use cases. Company executives were intrigued by blockchain’s potential to bring added value to the grid and customers by linking previously independent entities in an energy trading marketplace. The solution is an energy trading marketplace powered by blockchain, which provides an immutable, shared ledger for settling energy transactions and exchanging digital assets. Working with financial services partner Interac Corp., Alectra compensates trading customers with an energy credit, which they can convert to cash or redeem among a network of merchants.