IBM forms Consortium with European Power Operators TenneT, Terna, and Swissgrid to build Blockchain Platform Equigy
IBM in association with European major electricity grid operators TenneT, Terna, and Swissgrid launched a cross border Green Energy Blockchain Platform Equigy for a smooth transition of renewable sources of energy. This will supposedly allow millions of household consumers to stabilize the grid while simultaneously earning a few hundreds of euros while charging their car batteries and homes.
This move is considered as an important step towards democratizing and decentralizing the mass consumption of power. Apart from Danish grid operator Erneginet many more European grid operators are considering joining this consortium.
How the Green Energy Blockchain Platform Equigy will function?
The TenneT supported Equigy platform currently covers power requirements of Netherlands and partial Germany, Terna covers Italy and Swissgrid covers Switzerland.
The Equigy platform launched on 23 April, is a software that will utilize blockchain technology to register and validate millions of household transactions between the batteries and the grid.
The Equigy software will track down energy transactions in a transparent, secured, and standardized way by using the IBM blockchain technology. The consumers will need to install an internet-connected smart meter that will measure electricity supply in the households.
The blockchain technology will act as an intermediary accounting system to connect the consumers and the transmission system operators (TSOs) while they will charge their electric vehicles (EVs) or household utility batteries. The mechanism will facilitate the consumers to pay depending on the time of day and the price of electricity that applies during that particular hour.
For instance: Charging a car or other batteries will be cheaper during hours of excess power productions while during less power production hours, discharging the batteries would be worth money.
TenneT statement says:
“In tomorrow’s energy world, millions of small decentralized electricity producers, consumers, and storage facilities such as electric vehicles, domestic batteries, and heat pumps will help to cope with grid bottlenecks and balance fluctuations between generation and consumption.”
The TenneT official statement further says“The platform will enable the millions of households and electric car owners to actively offer the flexible capacity of their cars and house batteries on the energy markets to stabilize the electricity system.”
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CBW - External Analyst