logo
Plus   Neg
Share
Email

Spanish Utility Iberdrola Uses Blockchain To Track Renewable Energy

iberdrola-011519-lt.jpg

Spanish energy utility Iberdrola is using blockchain technology to track renewable energy to provide a guarantee to its consumers that the energy it supplies is 100 percent renewable. The use of this technology also contributes to accelerating the decarbonisation process.

This first experiment to guarantee the renewable origin of the energy supplied was done with Iberdrola consumer and financial firm Kutxabank, which was able to track, in real time, the origin of the energy supplied by Iberdrola from the generation asset to the point of consumption.

For the experiment, renewable energy was generated in the Oiz windfarm in Biscay province and Maranchón windfarm in Guadalajara province as well as the San Esteban hydroelectricity plant in Orense province. The clean energy from these assets was then consumed at the headquarters of Kutxabank in the Basque Country and Cajasur in Córdoba.

The use of blockchain provides efficiency, flexibility, transparency and savings to the Guarantees of Origin (GoO) process for renewable energy.

Blockchain efficiently provides allocation on which assets will supply energy to a specific point of consumption, and can even be used to establish a hierarchy of priorities when it comes to sources of origin.

It also eliminates intermediaries as it uses smart contracts which automatically come into effect when both parties fulfill their side of the agreement, simplifying the process, eliminating costs and improving privacy.

In this case, the supply of green energy is more efficient, flexible and transparent, which incentivizes the production and consumption of 100% renewable energy. It is also a crucial catalyst in the process of decarbonising the economy.

For this initiative, Iberdrola was supported by Energy Web Foundation, a scaleable, open-source blockchain platform designed for the regulatory, operational and market needs of the energy sector.

It has also designed a user-friendly web environment which lets customers view data on the process and identify which plants the green energy they consume comes from.

Iberdrola has already implemented several initiatives using blockchain. The company is currently participating along with other companies in the sector in a project to try out blockchain-based transactions in wholesale energy and natural gas markets.

For comments and feedback contact: editorial@rttnews.com

Technology News

Follow RTT