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

 Disclaimer

The information provided through the above Content is for informational purposes only. The Content is not intended to be, and does not, constitute financial advice or any other advice. You should consult with a financial professional to determine what may be best for your individual needs. We do not make any guarantee or other promise as to any results that may be obtained using our Content. To the maximum extent permitted by law, we disclaim any and all liability in the event any information, commentary, analysis, opinions, advice and/or recommendations prove to be inaccurate, incomplete or unreliable or result in any investment or other losses.

Jayashree Ingle

CBW - External Analyst

INDIA