Acciona Energía’s Greenchain Project to Utilize Blockchain Tech to Track Renewable Electricity Generation
Acciona Energía, a subsidiary of Acciona, that specializes in renewable energy has announced a project to realize the traceability of the renewable nature of its electricity generation worldwide through blockchain technology.
The new project, called Greenchain, will allow Acciona Energía’s clients to trace the supplied electricity, checking in real time and from any location that the energy is from 100% renewable sources. This means that their clients who want to check the company’s performance can do so from any part of the world in real time.
To execute the first part of the development, they have partnered with software specialist for digital energy services FlexiDAO to continue implementation of Greenchain in suitable markets, including those that do not have energy certification schemes, such as many Latin American countries.
FlexiDAO has prior experience with Accinona Energía to foster a commercial blockchain demonstrator that shows the traceability of renewable energy generation from five wind and hydropower plants across Spain.
FlexiDao CEO and co-founder Simone Accornero stated: “We are demonstrating that the traceability of renewable energy is now a viable proposition that generates real value for the consumer. Together with Acciona we want to be pioneers in showing that this blockchain-based system is commercially viable on a large scale”.
ACCIONA has earlier pioneered the application of traceability through blockchain in its two renewable plants with energy storage in batteries in Spain: at Barásoain (with wind power) and Tudela (with PV), both located in Navarra, under the StoreChain project.
The director of innovation of the company, Belén Linares, added: “Tracing the renewable origin of energy is an ever-increasing demand, associated with the growth of the corporate contracting market for green energy, and blockchain technology can facilitate this service considerably to clients in any part of the world. We are very pleased to take this first step along a route that will surely set the trend over the next few years.”
Blockchain’s ability to allow peer-to-peer energy transactions could significantly disrupt the energy sector, particularly by encouraging decentralization. The growing use of small renewable energy installations, such as rooftop solar panels, can create stress on electricity grids that were designed with large, centralized power plants in mind.
By allowing peer-to-peer energy trading and incentivizing local consumption at the time of production, blockchain could stabilize the grid, aiding this decentralization.