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The report tackles standardisation gaps around energy trading using distributed ledger technologies
The Joint Task Force between the International Association for Trusted Blockchain Applications (INATBA) and the Global Observatory on Peer-to-Peer, Community Self-Consumption and Transactive Energy Models (GO-P2P), a Task of the User-Centred Energy Systems Technology Collaboration Programme (TCP) by the International Energy Agency, has published a report on the use of distributed ledger technologies (DLTs) in peer-to-peer energy trading.
Energy industries globally are facing unprecedented challenges calling for radical re-thinking of existing power system operations and market structures. Recent advancements in IT infrastructure, as well as the uptake of smart meters, enable the development of new business models that can be leveraged to increase the overall performance of the grid in the face of these challenges, with a potential for net social and economic benefits.
One of these business models is peer-to-peer (P2P) energy trading, whereby households can exchange electricity directly. It has the potential to lead to more flexibility, congestion management, grid ancillary services and improved accessibility to renewable energy.
In its report, the Task Force highlights a set of specific technical and regulatory challenges related to the use of DLTs in P2P energy trading that have largely influenced innovators’ decisions, with evident trade-offs across aspects pertaining to decentralisation, immutability and privacy that hinder their scalability.
“This trading report has convened critical conversations around immutability, scalability and data privacy that could serve as a bridge between the relevant regulations and the energy industry “ said Ricardo Simoes, Executive Director of INATBA.
“We hope that our findings will start much-needed conversations on the scalability of peer-to-peer energy models using DLTs, and the involvement of smaller actors such as community energy groups in standardisation efforts,” said Alexandra Schneiders, Task Leader of GO-P2P.
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