EURELECTRIC has launched an expert platform within its membership to investigate the potential of the blockchain technology across the electricity value chain including generation, trading, supply and networks.
“Blockchain is a potential game changer for the industry. We have decided to leverage our position as a leading convening platform to explore how the industry can make the most of this technology,” stated EURELECTRIC Secretary General Kristian Ruby.
Blockchain is a distributed, digital transaction technology that allows for securely storing data and executing smart contracts in peer-to-peer networks. Because of its unique attributes, this technology has the potential to play a significant role in the energy sector. The major possible applications across the electricity supply chain include process optimisation including networks and sales and trading platforms including wholesale trading as well as peer-to-peer.
The difference between disruption in the energy and other sectors is that in the energy industry there is always a physical commodity and a physical infrastructure underneath each transaction. The blockchain technology also competes with existing solutions and has to prove its attractiveness to users in different applications.
Within its one year mandate, the expert platform will investigate the potential and limitations of different applications, identify lessons learnt and eventually pave the way towards the acceleration of successful applications in dialogue with European policymakers and regulators.
Background: The Union of the Electricity Industry, EURELECTRIC, is the sector association representing the common interests of the electricity industry at pan-European level. EURELECTRIC represents 3500 companies across Europe with an aggregate turnover of €200 bln. It covers all major issues affecting the sector, from electricity generation and markets, to distribution networks, customers, as well as environment and sustainability issues.