The modern energy landscape needs to integrate increasingly decentralized and flexible energy sources. As renewables come to make up a greater percentage of the market, there will be more intermittency in supply – and at the same time, central generation (nuclear, gas, coal) will be less available.
These changes in grid dynamics will reduce the size of individual transactions while dramatically increasing the needed volume of transactions. However, processing these small but voluminous transactions, especially in terms of contracting and settlement with new parties, is an operational challenge that threatens to stifle the growth of more flexible and resilient grids.
With expanding alternative energy sources and tertiary suppliers, grid balancing is increasingly complex. Using the SettleMint platform, Elia built a smart contract solution to automate processes associated with supplier registration, bidding, fulfilment measurement & verification, and financial settlement for tertiary suppliers.
Blockchain is a ready-to-use technology for the energy market and brings trust via automated escrow management and immutability of data. It facilitates certification of metering devices and accelerates the settlement process of system operators.
Elia is getting ready for the grid of tomorrow by building flexibility for the energy market, and setting up a fully automated marketplace for tertiary services.
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This project has received funding from the European Union's Horizon 2020 research and innovation programme under grant agreement No 849969.