Texas residents can pay their electricity bills with cryptocurrency thanks to the collaboration of GridPlus Energy and local power transmission and distribution companies Oncor Electric Delivery Company and CenterPoint Energy.
GridPlus Energy uses the Ethereum blockchain to provide its consumers with direct access to wholesale energy markets. Currently, payment of electricity bills is accepted in Ethereum or Dai, however the company has announced that it plans to add the option of accepting payment in Bitcoins in the near future as well.
Electricity companies report that their current products are calculated on a monthly basis and their goal is to bring future products closer to real-time intervals.
“In Texas, electricity prices vary depending on supply and demand in the market with 15-minute intervals, so it would be ideal to adjust bills and payment to this level,” the report said.
According to representatives of GridPlus Energy, there may be significant price fluctuations in this market, but, with averaging over a long period, real-time payment is more profitable for the end user than a fixed-price product.