The development of smart cities depends on green energy. In spite of the continuous decline in renewable energy prices, the issue of energy availability is still difficult to solve. Bitcoin-derived blockchain technology provides new ideas for green energy, helping smart grid construction and making energy production closer to consumers. Can blockchain become the tomorrow's choice for renewable energy and smart grids?
This issue of DirectIndustry e-magazine introduces you to three green energy platform solutions based on zone chain technology.
In November 2017, a report by Lazard Investment Bank showed that renewable energy prices are at an unprecedented low level, sometimes even cheaper than hydropower. Over the past four years, the price of large-scale photovoltaic power generation has dropped by 36%. The price of US$46-53 per megawatt-hour is generally lower than thermal power (US$60). However, the price factor is just one of the many challenges facing the development of green energy. The availability of wind power and solar power is not only limited by the weather and time, but also the power generation sites are often far away from where electricity is consumed.
01 Microgrid
At the end of 2016, the global engineering giant Siemens entered into a cooperation agreement with the US start-up LO3 Energy to jointly develop an energy trading network based on blockchain technology. Since April 2016, LO3 has helped residents in Brooklyn, New York, connect rooftop PV panels to microgrids. Residents can purchase and sell electricity within the microgrid, and use the blockchain technology to share power transaction data and prevent tampering. Residents without photovoltaic panels can also purchase electricity through the microgrid.
Scott Kessler, director of business development at the company, explained that the blockchain's ability to record transaction data allows small-scale power producers and consumers to adjust their power sales and purchases at any time based on the fluctuations in the amount of electricity they generate and the power they need. Photovoltaic panels or other power production and control equipment can be integrated into the microgrid.
We are developing corresponding power trading platforms for microgrid equipment. We believe that blockchain is the most effective communication protocol for such trading platforms.
Kessler explained to DirectIndustry that traditional power grid management uses central control systems to collect and analyze data from the entire network, and the center then sends control instructions to “edge†equipment. The decentralized recording mode of the blockchain allows each member of the network to access it freely. The grid management can be operated in real time through a multi-device platform. Kessler believes that technological change is reshaping the electricity grid, providing new incentives for electricity production to be closer to electricity consumption.
At present, small-scale power producers can enjoy wholesale electricity prices and may also receive environmental subsidies. The advantage of this system is that it reduces long-distance power transmission in the power transmission system. Local electricity production can more easily serve the local electricity market.
02 Local Energy Closed Loop
LO3 Energy is not the only company that uses blockchain technology to drive the transformation of green power. Greenflex, a French energy giant, is working with the French consulting firm BlockchainPartner to study the concept of "local energy closed loop." LucasElicegui, chief innovation officer at Greenflex explained to DirectIndustry
Future energy management will be more localized. To achieve this vision, we need professional tools. At present, only a handful of local producers must decide in advance whether to produce electricity for themselves or to produce electricity.
He explained that if office buildings and homes are equipped with photovoltaic panels, they have different electricity hours. It is logically reasonable to sell surplus power directly on the local power grid instead of re-introducing the power to the national grid and sell it on the grid.
For local generators and local consumers, this is a win-win situation. Generators profit more from the local grid and consumers get cheaper electricity prices.
Elicegui added that blockchain records will show the amount of electricity produced over a period of time, and the agreed price of electricity purchased by local consumers. All of these are managed by computer programs. Greenflex and BlockchainPartner hope to complete the establishment of a prototype trading platform by the end of this year. The Greenflex and LO3Energy models are designed to change the green energy economy and encourage potential investment. At the same time, another company hopes to use blockchain technology to facilitate the financing process of renewable energy producers.
03 token system
Lithuanian startup WePower proposes that developers of new energy projects sell green energy “tokens†to buyers before they build large-scale power plants. This block chain-based token system, on the one hand, opens up financing channels for project developers and provides preferential prices for energy buyers on the one hand. Commercial power customers purchase “tokens†in advance of the power generation facilities to ensure the future energy use rights and lower electricity prices. The company’s chief executive, Artūras Asakavi?ius, told DirectIndustry that due to the cancellation of subsidies for renewable resources, banks often require new energy projects to have a higher prepaid capital ratio. The WePower system provides project developers with new access to capital, and also helps large commercial customers fulfill their commitment to purchasing green energy. WePower has already won the first booking customer for a 1,000 MW solar project in advance. The company plans to introduce a token system platform next year.
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