Energy Web’s Blockchain Solution for the Global Market

Energy Web’s Blockchain Solution for the Global Market

The Energy Web Foundation launched their Energy Web Chain (EWC) one year ago to create an open-source, enterprise-grade blockchain for the energy sector.

The celebration from the team on reaching the milestone was a muted reflection of the progress made by the organisation and the performance of the recently issued associated utility token – Energy Web Token (EWT) – which, since opening at around $0.60 per token in March, went to over $8 earlier this month.

Global Transformation

Blockchain-based solutions such as Energy Web are harnessing renewable energy through a flexible grid system using distributed energy resources (DERs) in an attempt to transform the energy sector.

Energy Web’s CEO, Walter Kok, has stated that “…transformation can only happen fully in the energy sector when you digitalise your grid.”

So while the EWT token price action is eye-catching, it is the partnerships with legacy energy companies by Energy Web that perhaps provide a more accurate assessment of where the project, and the industry as a whole, currently stands in its evolutionary process.

Kok highlights that digitalisation is a global affair when he notes some of Energy Web’s initial successes, “From ENGIE’s TEO in France, to PTT in Asia, to PJM in North America, we are seeing cutting-edge new renewable energy marketplaces. From APG in Austria, to Elia in Belgium, to Stedin in the Netherlands… we are seeing how customer investment in DERs and virtual power plants can balance our electricity grids the way coal-fired power plants once did.”

The arrangement with Austrian Power Grid AG (APG) serves as an example of how open-source applications such as Energy Web can be employed to streamline the various processes involved in the bid management and financial settlement for renewable energy.

This benefit not only applies to energy producers but also to the end consumers and those who occupy both roles, known as prosumers.

APG – who control Austria’s national transmission grid which spans around 3,400km – expect “…that most of the roughly 1 million households in Austria will ultimately participate in the flexibility market…”

Multinational Conglomerates

The implications for the energy market has remained on the fringe of mainstream media but multinational conglomerates have been quick to recognise the potential of blockchain technology in general and the World Energy Foundation (WEF) in particular.

Smart Energy International reported in 2018 that the largest industrial manufacturer in Europe – Siemens – joined the WEF to “…proactively shape the future of blockchain-based, transactive energy applications, new prosumer-centric use cases, as well as business models around the operation of distributed energy systems, microgrids and financing.”

Energy Web’s more recent partnership with Vodafone Business has shown how blockchain technology will link with the Internet of Things (IoT) to create secure IDs for energy assets.

In this instance, a smart grid system can be deployed based upon Vodafone’s IoT infrastructure utilising SIM cards and Energy Web’s Decentralised Operating System. Which means anything from individual wind turbines to solar panels or batteries to heat pumps can be safely integrated with the grid.