Blockchain Pilot Seeks to Reduce Renewable Energy Curtailment Problems

first_imgBlockchain Pilot Seeks to Reduce Renewable Energy Curtailment Problems FacebookTwitterLinkedInEmailPrint分享Greentech Media:Centrica is hoping the blockchain could help rein in renewable energy curtailment that affects up to 10 percent of production in the U.K. It is planning a pilot to help prosumers buy and sell locally produced energy in a county where significant amounts go to waste.The British multinational utility last month announced a partnership with LO3 Energy “to explore how blockchain technology could revolutionize the way consumers buy and sell energy,” according to a press release. New York-based LO3, which received undisclosed funding from Centrica Innovations last October, will roll out its Exergy blockchain peer-to-peer energy trading platform, first tested in Brooklyn, across 100 homes and 100 businesses in Cornwall, Southwest England.The pilot is thought to be the largest blockchain energy trading initiative in the U.K. It is one of four projects that is part of a £19 million ($26 million) program called Local Energy Market. The program aims to see how flexible demand, generation and storage assets might help relieve grid congestion.Centrica is planning to invest £700 million into its distributed energy and power business between now and 2020. Mark Futyan, distributed power systems director at Centrica, said the business is interested in investigating decentralized generation and digital technologies that might help cut the cost of operations, for example through grid upgrade deferrals.On a national level, up to around 10 percent of renewable energy production is curtailed at a cost of £20 million a month, said Futyan. Recent research, meanwhile, indicates congestion management costs have risen 74 percent in the U.K. since 2010 and onshore wind curtailment is as high as 16 percent in Scotland.More: Centrica Looks To Blockchain To Help Cut Renewable Energy Curtailmentlast_img read more