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Revolutionizing the Energy Grid: How Startups are Harnessing Blockchain Technology

Updated: Oct 18, 2023

By Jaya Bijoor

Several startups are using blockchain technology to decentralize the energy grid. Here are a few case studies showing how they are making an impact.

Case Study 1:

Power Ledger is a platform that enables the buying and selling of energy powered by blockchain technology. In 2016, Power Ledger started in Western Australia and has expanded to India, Thailand, Japan, and the United States. Power Ledger allows its members to sell excess energy from their solar panels or buy energy from its network using a blockchain-based, peer-to-peer network. The buying and selling process is automated, so when the network detects that someone’s solar panel has produced surplus energy, it acquires the excess energy and sells it on the platform.

Each transaction on the network is in the form of a smart contract and is recorded. Payments are made on the network with the POWR token based on the Power Ledger blockchain. The payments are instant, a benefit compared to selling energy to traditional energy companies that force people to wait an average of two months before receiving payouts for their contributed energy. Today, Power Ledger has over thirty clients across ten countries, including Calcutta Electricity Supply Corporation, the largest P2P energy trading project in

the world to date.

Case Study 2:

Energy Web helps electric utility companies digitize and integrate distributed energy resources into the grid (e.g., residential solar, electric cars, car charging stations, heat pumps, and batteries). It also provides blockchain-based technology to emerging green product supply chains (e.g., sustainable aviation fuel and renewable electricity), making energy consumption trackable, transparent, and verifiable. Energy Web is working with Shell, Vodafone, Volkswagen, and RMI to accelerate their decarbonization strategies.

Case Study 3:

Equigy is a European-based crowd energy balancing platform. It is an initiative by three European Transmission System Operators: TenneT in Germany and the Netherlands, Swissgrid in Switzerland, and Terna in Italy. The platform enables integrating and coordinating various distributed energy resources (e.g., electric vehicles, batteries, and renewable energy sources). Equigy provides a digital infrastructure that allows these resource owners to be connected and participate in balancing and stabilizing the electricity grid. The company helps aggregate and utilize these energy sources’ capacity to balance the supply and demand of electricity in real time. Through Equigy, resource owners can collaborate with the grid operator to offer surplus electricity or stored energy during peak demand. By doing so, they can actively contribute to optimizing the electricity system, facilitate the integration of renewable energy sources, and potentially earn rewards or financial incentives.

These projects illustrate that people worldwide recognize the potential of blockchain technology and how it can help decentralize the energy grid.



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