Local energy trading using blockchain is now live in the Orkney islands off the coast of Scotland. The project is led by UK entech company Electron. Over 1,100 trades have taken place at the time of writing since the end of March. Project TraDER supported by the UK Department for Business, Energy & Industrial Strategy (BEIS) aims to deliver a marketplace for multiple energy services in the renewable sector. The challenge for networks with variable weather and time dependent renewables is to match the supply and demand. Windswept Orkney is an apt location to trial the technology, having a high level of renewable generation that frequently exceeds demand and consequently is lost when generators are switched off or curtailed. TraDER provides the market layer to bring together the generators and local storage assets to reduce those levels of curtailment while also ensuring the network remains stable. Such assets include storage batteries and electric vehicles, which can both store and release energy.
Ledger Insights (accessed) 7th June 2020 read more »