January 14 (Renewables Now) – Iberdrola (BME:IBE) said Monday it completed an experiment that involved using blockchain technology to track the supply of renewable energy in real time.
Iberdrola and Basque lender Kutxabank set up an experiment that included tracing the electricity generated by two wind farms and a hydropower plant to the point of consumption -- the bank’s offices in the Basque Country and Andalusia.
The whole process has served to guarantee that the energy supplied to the consumer is 100% renewable which is crucial for long-term purchase power agreements (PPAs), Iberdrola said.
Among other advantages, blockchain technology is useful to determine which asset will supply energy to the end point, prioritise sources of origin, eliminate intermediaries with the use of smart contracts simplifying the process, eliminating costs and improving privacy.
To carry out the experiment, Iberdrola has partnered with Energy Web Foundation, an open-source, scalable blockchain platform designed for the energy sector’s regulatory, operational and market needs.
It has also designed a user-friendly web environment that lets consumers view data on the process and pinpoint the source of renewable energy.