In the latest press release published on 14 January 2019, Iberdrola, a Spanish public multinational electric utility company, has successfully accomplished a blockchain technology-based project with which one can track the supply of clean energy in real time from the generation of the energy to the customer point or consumption area.
This blockchain technology contributes to the decarbonization process by which one ensures a low-carbon economy with minimal output of greenhouse emissions into the atmosphere, specifically the greenhouse gas carbon dioxide. The main features of the technology include efficiency, flexibility, and transparency.
The project of the company ensures the client that the energy which is being supplied and used is completely 100% renewable energy. This is proved by showing the path in the real time of the renewable energy from its source of generation to the current position in space. Financial firm Kutxabank was the Company over which the first pilot testing was done for the project. The task is to track the renewable energy which was generated in the Oiz (Biscay province) and Maranchón (Guadalajara province in the Castile-La Mancha region) wind farms and the San Esteban hydroelectricity plant (Orense province in the Galicia region). Once the energy is reached the desired destination, it is then utilized at the headquarters of Kutxabank in the Basque Country and Cajasur in Cordoba.
Iberdrola hence has taken a great initiation in the process of contributing to decarbonization for a green and clean world. With this blockchain technology in service, the Company’s clients too will develop a sort of trust regarding its services and supplied energy. This blockchain technology of tracing the renewable energy has been supported by Energy Web Foundation which is a distributed open ledger-based technology development platform concerning to the energy sectoral needs.
Iberdrola and Kutxabank had met into a long-term Power Purchase Agreement (PPA) in July 2018 for the supply of electricity generated from renewable energy sources. This electricity is supposed to be supplied from the Núñez de Balboa solar plant that Iberdrola is developing in Extremadura which is the biggest solar energy plant in Europe.
This blockchain technology has significantly helped to reduce the costings by eliminating the intermediaries with automatic execution of smart contracts which is already programmed with certain code to get executed on the availability of a particular condition. The Company is also enthusiastically participating and competing with its peer firms in energy trades which involves transactions pertaining to wholesale energy and natural gas markets.
Latest reports convey that Iberdrola has been the only Spanish Electricity Company for the second consecutive year to be included in the “Bloomberg Gender-Equality Index”
Energy Web Foundation has developed this blockchain technology so as to build a market standard which provides interoperability, lesser costs and complexity, and deployment with easy-to-implement applications. The platform which is used by the Energy Web Foundation is called as “Energy Web Platform” over which the use case was implemented.
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