A new experimental energy trading platform utilising blockchain technology was used for trades between utility giants E.ON and Enel this week, eliminating the need for a fee-charging central exchange or broker and thus reducing costs.

Many of Europe’s largest utilities and oil & gas companies are among the 33 organisations to have signed up to participate in the trial of the blockchain software, known as Enerchain, which allows wholesale power and gas to be traded directly between two parties in seconds.