New Company Uses Artificial Intelligence To Sell You Cheaper Power

A new startup launched today that seeks to streamline electricity purchases with the use of a peer-to-peer network that relies on artificial intelligence and other technology like high-frequency trading to balance supply and demand in real time. The idea behind the company, named Drift, is to remove inefficiencies from the current wholesale power market structure in deregulated service areas and pass the savings on to consumers. Drift is initially rolling out its service in New York City and plans to expand to other parts of the country this year. The company will operate like a mini Independent System Operator (ISO) for a distributed energy platform. Drift has nearly 3,000 independent power producers in its network that range from hydroelectric dams, to solar-plus-storage projects, wind farms and large commercial buildings.