Building Flexibility for the Energy Market

The modern energy landscape needs to integrate increasingly decentralized and flexible energy sources. As renewables come to make up a greater percentage of the market, there will be more intermittency in supply and, at the same time, central generation of nuclear, gas and coal will be less available.

These changes in grid dynamics will reduce the size of individual transactions while dramatically increasing the needed volume of transactions. 

Creating Fully Automated Marketplaces

With expanding alternative energy sources and tertiary suppliers, grid balancing is increasingly complex.

• Elia, together with SettleMint and Actility, explored the opportunities offered by blockchain technology to build an energy system ensuring future flexibility, reliability and scalability.
  
  Together, we have overcome the operational challenges of processing these small but voluminous transactions, especially in terms of contracting and settlement with new parties. These challenges otherwise would have threatened to stifle the growth of more flexible and resilient grids.
  
  
• Using the SettleMint Blockchain Transformation Platform, Elia built a smart contract solution to automate processes associated with supplier registration, bidding, fulfilment measurement and verification, and financial settlement for tertiary suppliers. Some of the key features include:
  
  ↘  Securely automate grid balancing 
  ↘  Automated actions: request for flexibility, bid acceptance, payment flow
  ↘  Trustworthy data to prove compliance
  ↘  Easily onboard and manage new energy resources
  ↘  Blockchain technology brings trust to the energy market via automated escrow management and immutability of data. It facilitates certification of metering devices and accelerates the settlement process of system operators.