Spanish Energy Company Iberdrola Trials Blockchain To Track Renewable Energy

Blockchain, Innovation, News | January 16, 2019 By:

Iberdrola, a Spanish public multinational electric utility company, has conducted a blockchain pilot to track the supply of energy in real time.

Iberdrola engages in the generation, transmission, distribution, sale, and retail of electricity in Spain, Portugal, the United Kingdom, North America, the United Sates and Brazil. It has a workforce of around 31,330 employees serving around 31.67 million customers.

In its official release, Iberdrola said that the blockchain pilot was conducted in collaboration with Kutxabank. During the trial, the utility were able to track, in real time, the origin of the energy supplied by Iberdrola from the generation asset to the point of consumption.

“With this initiative, renewable energy certification processes are accelerated and automated, certification is given a greater degree of traceability, and the transaction is made more transparent and secure, as it is permanently registered on the platform so that both parties can audit the results,” Iberdrola said.

To carry out this initiative, Iberdrola used the Energy Web Foundation’s blockchain platform, which is designed to fit the regulatory, operational and market needs of the energy sector. The Energy Web Foundation also help Iberdrola to develop a user-friendly web environment that allows customers to identify which plants the green energy they consume comes from.

“This innovation shows us that it is a crucial catalyst in the process of decarbonizing the economy, allowing traceable, secure and rapid transactions,” Iberdrola said. “In this case, the supply of green energy is more efficient, flexible and transparent, which incentivises the production and consumption of 100% renewable energy. New technologies are proving to be a powerful ally when it comes to improving knowledge about the source of the energy we consume as we aspire to become completely renewable in the near future.”

Iberdrola has implemented several blockchain initiatives in the past, including a project to try out blockchain-based transactions in wholesale energy and natural gas markets. The company is also a member of Red Lyra, a multi-sector technology platform based on blockchain and distributed ledger technologies.