Potential Impact of Blockchain Solutions on Energy Markets Michael Hinterstocker 27.06.2018
A blockchain can be used to record transactions and data transparently, immutably and decentralized • • A blockchain is a form of distributed ledger Transactions are collected in blocks which also • include time stamps and hashes Transactions are recorded and validated by all • participating parties Blocks are only valid in combination with • previous blocks, so a chain of blocks forms No central authority necessary • Transparency Key features • Decentralization • Automation • Pseudonymization • Immutability • Independence 1
Potential applications and use cases of blockchain technology in the energy system are evaluated in our current project Project Objectives Investigation of the applications, chances, risks and potentials of blockchain technology for the transformation of the energy system. Key Data Use Cases • 10/2017 – 08/2018 • 8 project partners from the fields of energy supply, grid operation, technology and industry association … … • Goal: Identification of relevant use cases for implementation in a follow-up Assessment project Technical Legal Potentials Implementation? Evaluation Framework
Uses cases are identified, clustered and evaluated regarding market value and market effects Identification of Use Cases Analysis of Use Cases Evaluation of Use Cases • Potential applications for • Detailed analyses of • Effects of alternative blockchain-based systems selected use cases with blockchain solution on are collected from regard to (i.a.) respective market parameters are estimated: – literature review – stakeholders – demand (D) – expert surveys – market mechanisms – supply (S) • Clustering of identified – pricing – price (P) applications by – infrastructure – affected market – liquidity (L) – processes segments • Estimated market value – stages of the energy (approximate monetary value chain value which is affected) as a measure of disruptive • Selection of representative potential example per cluster Indication about potential Reduced number of use impact on markets cases for subsequent steps 3
Analyses show only minor effects on market value and market conditions by blockchain-based systems Use Case affects D S P L Balancing group management Coupling of electricity generation with certificate cancellation ( ) ( ) Simplified provision of industrial flexibility Standardized settlement of EV charging ( ) Faster switching of electricity suppliers ( ) Crowdfunding of RES Labeling of green electricity ( ) Tenant electricity ( ) ( ) ( ) Pre-qualification process of control reserve ( ) Representation of grid losses in grid fees Peer-to-peer trading of electricity 4
No disruptive changes to the energy system are expected Summary Wide variety of proposed applications for blockchain systems in the energy sector reduced to representative examples Evaluation of the effects of blockchain-based implementations based on estimation of market value No real disruptive potential observed, but in several cases reduction of process costs, simplified interactions between stakeholders or value-added services Outlook Implementation of selected applications in field tests Verification of theoretical evaluations and general applicability 5
Thank you very much for your attention. ? ! ? ? Any questions?
www.ffegmbh.de Michael Hinterstocker +49 89 158121 53 mhinterstocker@ffe.de Forschungsgesellschaft für Energiewirtschaft mbH Am Blütenanger 17 80995 München 27.06.2018
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