Energy company Energias de Portugal (EDP) is using blockchain technology for the measurement and recording of energy consumption and distributed generation coming from its consumers.
EDP is among the major operators of Europe’s electricity sector. EDP is the only group in the electricity sector of the Iberian Peninsula with production and distribution activities in both Spain and Portugal, and is present in the electricity sectors in Latin America, Africa and Macao, in the business of production, distribution and marketing.
The blockchain solution, which was developed in partnership with Austrian blockchain startup Riddle&Code, facilitates the process of managing the energy produced by the solar plants and consumed by the customers, the so-called ‘prosumers’, who consume and produce energy at the same time. The solution uses a non-removable cryptographic tag that is attached to domestic energy meters to measure the co-consumption of each user. It facilitates transactions and calculations for charging and taxing.
The solution follows the introduction of Brazil’s legislation on remote consumption of distributed energy, in which consumers can rent a quota from a solar plant that is not allocated on their land. EDP claims that the blockchain solution guarantees the veracity, transparency and traceability of data, the possibility of registering the customer and the remote meter reading of conventional meters.
“The company is very pleased to support this pilot project with Riddle&Code to allow the use of a technology we consider to be critical for the future of the sector,” said Lívia Brando, EDP’s Executive Innovation Manager. “The implementation of this innovative solution made it possible to transform a complex process into something simple, effective and safe for the parties involved, encouraging the use of distributed energy in Brazil.”
“We have developed a secure, cost-effective and scalable solution combining EDP’s IT system with state-of-the-art blockchain technology,” said Alexander Koppel, CEO of Riddle&Code. “At the same time, we enable a completely new approach to business.”
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