Siemens joins blockchain alliance for the energy industry

Siemens joins blockchain alliance for the energy industry

Business news |
By Nick Flaherty

The Energy Management and Power Generation Services divisions will work withEWF on the future of blockchain-based, transactive energy applications, ‘prosumer’ use cases as well as business models around operation of distributed energy systems, microgrids and financing.

Transactive energy applications will be a major force in the transformation of the energy sector towards decentralised, decarbonised and digitised energy systems, where distributed energy resources (DERs) such as solar, wind, stationary storage systems, electric vehicles, heat pumps and others as well as flexible loads are playing an ever increasing role. At the same time, new forms of plant and project financing are needed. Blockchain technology enables transactions in a decentralised network to be validated efficiently and securely. This enables new business models of energy and flexibility trading between consumers, prosumers, producers and network operators, taking into account user preferences and network restrictions. Ultimately, block-chain-based applications and business models could help increase the overall efficiency of future energy networks and enable new forms of asset and project financing.

Siemens is already using blockchain technology to help its customers develop new forms of energy or offers solutions and services for optimized control of energy generation and consumption. By combining microgrid control solutions and blockchain technology, operators of photovoltaic systems can, for example, feed excess electricity into the existing local grid and receive their compensation directly from the customers such as neighbours. 

Siemens is collaborating with New York start-up LO3 Energy developing microgrids and peer-to-peer energy trading platforms and is currently building its first project in Brooklyn.

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