Equigy, a blockchain platform for the management of batteries connected to the power grid, is expanding its activities in the European Union.
Green Tech News Outlet Green Tech Media reported on May 29 that three major European Union power transmission system (TSO) operators have joined the Equigy platform. More specifically, TSO with branches in Germany and the Netherlands, TenneT, Swissgrid from Switzerland and Terna from Italy have joined the network.
According to Owler’s corporate data website, TenneT has an estimated annual income of $ 1 billion, while Terna makes $ 2.3 billion. In addition, Energinet, a Danish TSO with an estimated annual income of $ 8.6 million, is participating in the initiative.
Balancing the energy network with blockchain technology
The Equigy system is a free energy transaction tracking and tracking platform that enables household batteries to sell electricity to the grid. René Kerkmeester, co-founder and program manager for digital transformation at TenneT and Equigy, said:
“We believe that by 2030 there will be enough electric vehicles and household batteries to largely, if not completely, balance European networks.”
The manager of the digital transformation technology program at TenneT and the technology leader at Equigy, Martin Van’t Verlaat, said the company chose blockchain technology because the system could work without a centralized database. He continued:
“We could have used other technologies for this because there are only a few participants. However, with a view to the future, we hope that the energy market will become a large dynamic and decentralized system in which many actors interact at different levels of tension, and we believe that blockchain is the technology that can grow towards this vision. […] From an IT strategy perspective, it prepares us for the future. “
Equigy has chosen to run its system on a private instance of the Hyperledger framework that only local members of the energy industry can access. The platform is implemented independently by each TSO at national level, since the application must take national circumstances into account.
Equigy is currently involved in nine projects. TenneT tests electric vehicle systems with the car manufacturers Nissan and BMW as well as stationary batteries in the Netherlands. Swissgrid is also working on the use of electric vehicles. After all, Terna is working on both the performance and the capacity of electric cars when they are used as virtual power plants for the flexibility and fleets of electric vehicles.
Using blockchain technology to manage power distribution is not a new idea. In fact, the blockchain-based digital payment project Electroneum recently announced plans to introduce an in-app feature to charge electricity in four African countries. Earlier this week, Cointelegraph also reported that Australian company Power Ledger announced a partnership with a Thai digital company to create a blockchain-based digital energy platform in the country.