As well as exchange, economies require savings and investment, and our current money works poorly in these roles. Its dual use for facilitating short-term exchange and long-term saving results in difficult-to-predict fluctuations in spending power that make it hard to rely on – whether as a result of inflation or the ever-present crises around pensions and asset bubbles of all kinds.
In the first stage, risk-tolerant investors with excess mutual credit use it to finance new productive capacity, receiving discounted ECOs (denominated in kWh of electricity) in return.
As the new infrastructure nears completion, the ECOs are sold on to (pre-arranged) investors with a lower appetite for risk (or perhaps institutions with social provisioning obligations). They are then sold (or given) to consumers at the going market rate for the relevant utility (in this case, electrical power). Finally, consumers redeem them in payment of their utility bill.