Blockchain Energy Data Trading Pilot Tested In Estonia By Elering AS, WePower

Announcements, Blockchain | January 15, 2018 By:

Elering AS has teamed with blockchain green energy startup WePower to test the large scale tokenization of energy data in Estonia.

Elering is an independent electricity and gas system operator in Estonia. Elering maintains and develops both electricity and gas internal transmission networks and external connections. In addition to the physical networks, Elering is developing a smart grid platform in order to enable efficient market functioning. The platform would allow end consumers and energy service providers to easily and securely access energy meter data that is needed in their daily operations.

WePower helps renewable energy producers to raise capital by issuing their own energy tokens. WePower connects energy buyers directly with the green energy producers and creates an opportunity to purchase energy upfront at below market rates. It has developed the Ethereum Smart Energy contract tokens to standardize and globally open currently existing energy investment ecosystem.

Under the partnership, Elering’s Estfeed data exchange platform will integrate WePower’s blockchain green energy trading platform to form a proof-of-concept system for Estonia. The proof-of-concept will demonstrate nation-state scale tokenization of energy consumption and production data on the blockchain. The companies said the system will make energy trading accessible to prosumers of all sizes and configurations. WePower will be leveraging Estonia’s existing advanced smart grid infrastructure. It will provide a stronger bridge between green energy producers and traditional grid operators.

Elering CEO Taavi Veskimägi said that the company’s motivation in this project as a transmission system operator is to enable energy innovation by removing market barriers.

“For that purpose we have built the Estfeed data exchange platform, which enables people to share their energy meter data with new service providers,” said Veskimägi. “WePower is a great example of the potential of innovation in the energy sector that can be unleashed by transparent data access.”

“This partnership is an excellent use-case to show the viability of blockchain technology in the green energy space, and marks a huge achievement towards creating a global blockchain powered energy trading network,” said WePower co-founder and CEO Nick Martyniuk.