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
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Jayashree Ingle
CBW - External Analyst
INDIA