Singapore Power is the latest signatory to the Energy Web Foundation: an international consortium seeking to co-develop blockchain solutions to accelerate the adoption of renewable energy sources and cut costs.
Other utilities involved include Centrica, Engie, Sempra Energy, Stedin, Technical Works Ludwigshafen, and Tokyo Electric Power - as well as oil giants Royal Dutch Shell and Statoil.
As a Singapore Power spokesperson explained to Tech in Asia: “Blockchain’s ability to enable direct, effective, and secure transactions between multiple parties would facilitate the large scale integration of energy sources and devices such as solar cells, batteries, and electric vehicles onto the grid. These sources and devices would therefore be able to transact with each other, while supporting utilities to integrate more renewable sources at a much lower cost.”
Blockchain could also reduce the administrative costs of transactions, and make it easier for participants to be both consumers and generators, selling storage and surplus as well as buying supply.