Energi Mine is a tech company that provides business energy consumers with an alternative to a traditional energy broker. We are responding to the current problems the energy sector exhibits. There are many issues within the energy market place, however, we have identified four main issues at the core that have led to the stagnation of the industry:
- It is centralised
- It is opaque
- There are a lack of incentives to use less energy
- There is a lack of competition
The industry is centralised so that a small number of large companies supply tens of millions of customers who are essentially price takers. Electricity is traded Over The Counter (OTC) between energy companies or banks and there is no transparency to the users of energy. The markets are opaque and the lack of transparency is not beneficial to the end users who are, as stated above, just price takers as consumers are not kept up to date on market movements, leading them to make uninformed decisions. Following on from the first two issues, consumers are at a further disadvantage as there are no real incentives for them to use less energy. Suppliers make money from selling more energy at a high price and incentivising customers to change their behaviour would reduce the suppliers revenue stream. The lack of competition only allows them to continue to behave in this way, as barriers to entry are high with the complexity of regulation and costs associated pushing smaller, more ethical suppliers out of the market and allowing the monopolies and oligopolies to continue to take the lion share in all major global power markets.
Traditional energy brokers typically have lengthy manual processes that cost customers time and money whilst exposing them to human error along the way, we have implemented innovative technologies and used cutting-edge Artificial Intelligence to change the way ‘energy brokers’ operate in the sector. By automating our processes, we can eliminate human error, be far more adaptable to our customers’ needs, complete tasks efficiently and have more time to have human interaction with clients.
By introducing technology to our internal processes, we have found we can take processes that can take up to 3 months and complete them in under 20 minutes. This saves us time, money and resource that reduces our business overheads and places Energimine at the forefront of the market.
The issue of the centralised market can be overcome by implementing a blockchain system to decentralise it, leading to a more transparent market overall with the help of AI.
Energi Token will help incentivise consumers to use energy in a far more efficient manner, saving them money on their energy bills and allowing them to accumulate tokens through this positive behaviour. The lack of competition would be countered by introducing blockchain, whereby users purchase directly from generators rather than buying energy from a traditional energy supplier, where they have little to no control over how much they are paying on their energy bill. This extends to those consumers who generate their own electricity, giving them the ability to sell any excess energy directly to other end users.
This is just a short summary of what Energimine are planning, we shall be expanding on AI, blockchain and EnergiToken so stay tuned!
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LinkedIn: https://www.linkedin.com/company/11005552/
Twitter: https://twitter.com/EnergiMine
Telegram: t.me/energitoken
Slack: energimine.slack.com
Medium: https://medium.com/@energitoken