Blockchain has received the backing of a powerful coalition of energy companies and trading houses who have announced plans to create and invest in a new venture develop a blockchain-based digital platform for energy commodities trading.
Ofgem chief executive Dermot Nolan has warned traditional utilities that they could be made “redundant” in a future power market typified by change and new market entrants.
An EDF-led consortium is aiming to trial a local, peer-to-peer (P2P) power trading platform enabled by blockchain as one of a number of projects Ofgem is currently discussing in the context of its Regulatory Sandbox project.
Swedish state-owned energy company Vattenfall is to collaborate with 22 other European energy trading firms to launch a blockchain-based energy trading pilot.
European solar trade association SolarPower Europe has launched a series of commitments on digitalisation, a process which it said would aid Europe’s transition to a more digitalised energy system.