Chile’s Energy Regulator Adopts Blockchain Technology

Blockchain, News, Regulation | March 5, 2018 By:

The Comisión Nacional de Energía de Chile (CNE), the Chilean energy regulatory agency, is planning to adopt blockchain technology in the national energy grid. This is Chile’s first move toward using blockchain to track its digital movements.

CNE is a public entity responsible for developing and coordinating plans, policies and standards necessary for the proper functioning and development of the country’s energy sector. It also oversees the implementation of all matters related to energy, both in its production and promotion of efficient use of energy.

CNE executive secretary Andrés Romero said that the regulatory entity will start using blockchain technology in March. It will use the Open Energy platform (Energía Abierta) in order to “certify the quality and certainty of the open data of the national energy sector.”

“The National Energy Commission has decided to join this innovative technology and we have decided to use blockchain as a digital notary, which will allow us to certify that the information we provide in the open data portal has not been altered or modified and left unalterable record of its existence,” said Romero.

Romero added that public information is an important input for the decision making of investments and energy projects and many of their users use this information to decide technical, economic and labor aspects. He is hoping that the use of blockchain will increase public trust in the agency, and boost investor and public confidence.

Chile is currently Latin America’s largest solar market with around 2 gigawatt of installed PV capacity.

Energy companies around the world are beginning to adopt blockchain solutions as it allows the safe circulation of data. Earlier this month, electric utility company Endesa and Gas Natural Fenosa successfully completed Spain’s first blockchain energy trade transaction. The companies completed a deal for a total of 5.95 gigawatt hours (GWh) of natural gas.