The Energy Blockchain: linking it all together
Utility Week, 26/02/17
Electron Press Releases
Former Npower CEO joins board of energy blockchain startup
LONDON, Mar. 30, 2017
Electron, the London-based energy blockchain development company, is pleased to announce that Paul Massara, CEO of North Star Solar has been appointed a Director. Paul was previously CEO of RWE npower, a RWE Ag executive committee member and on their innovation board. Prior to this he was on the executive committee of Centrica plc.
Electron is a startup harnessing new blockchain technologies to design more efficient, resilient and flexible systems for the energy sector. The company designs platforms and services that empower the industry to address the challenges and maximise the potential of new technologies such as distributed generation and storage, as well as older technologies such as registration services.
Electron’s CEO, Paul Ellis commented, “We are delighted to welcome Paul Massara as a director. He will bring invaluable industry and business experience to the company. This is also a testament to the growing recognition within the energy industry of the opportunity afforded by blockchains to speed innovation and cut costs. Both of which will be good news to consumers.”
Paul Massara said: “I am really excited about joining the Board and investing in Electron. It is clear that blockchain will disrupt many markets including the energy market and having scanned the market, it was clear that Electron will be a major player."
Recognising the potential for blockchain to transform the shared virtual infrastructure of the energy industry, Electron is taking a top down, collaborative approach to platform development by working with various key stakeholders across the energy industry.
The announcement follows the news in December 2016 that Electron has successfully developed and scaled a blockchain registration platform for electricity and gas meters capable of executing supplier switches. It is believed to be the first energy blockchain platform scaled to a national level, using data simulating 53 million meters and 60 suppliers.
Blockchain sparks new opportunity in the energy sector
LONDON, Dec. 14, 2016
London based technology company, Electron, has announced the development of a registration platform for electricity and gas meters. This platform is built on a blockchain and capable of supporting the reduction of supplier switching time from 17 days to mere minutes. The company sees this platform as a first step in harnessing blockchain technology to transform the virtual infrastructure of the energy industry.
Blockchain technology enables reliable coordination between multiple parties without the need for a central coordinating entity. The result is a transparent and cost effective platform, secured by cryptography, on which all interactions and exchanges between stakeholders can be verified.
Most news and investment in blockchain to date has been focussed on the financial sector, however Electron believes that some of the most significant multi-party use cases will be seen in the energy sector. “Advances in renewable generation and storage technologies have complicated energy transmission and distribution systems” explains Joanna Hubbard, Electron’s COO. “The one way flow of power from coal plant to consumer is no more and the physical infrastructure of the grid has to adapt to increasingly distributed energy production. Blockchain technology will allow the virtual infrastructure of the grid to follow suit and transition to a decentralised model capable of local optimisation and significant cost and carbon efficiencies.”
Electron’s blockchain platform was originally conceived in response to Ofgem’s call to provide customers with a next day service for switching energy suppliers. Backed by an Innovate UK grant, the platform has been built on the Ethereum blockchain and populated with simulated data from 53 million metering points and 60 energy suppliers, to represent the UK situation. Scale out tests have shown it to be capable of executing switches over 20x faster than could be required by the current switching rate, providing ample scope for growth.
Moreover, Hubbard believes that a blockchain solution will not only unlock functionality well beyond that of a typical database solution, but will also lay the foundations for households to participate in peer to peer energy and flexibility₁ trading. The company is currently in talks with several big energy players to take this platform to the next stage of development. "This technology has the potential to deliver huge advantages and cost savings across the value chain of the industry" Hubbard continues, "but to maximise its potential it should be a collaborative initiative."
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Europa Forum Lech 2017
The theme of this year's Europa forum was "Europe in challenging times: How can the data economy stimulate growth and jobs in Europe?" and the theme of Jo-Jo's panel was: "What the data economy means for Europe’s energy and automotive sectors".
In January 207, Jo-Jo participated in a panel with other blockchain and energy experts at the London Blockchain expo.
On the 8th of December 2016, our CEO Paul was part of a panel discussing blockchain, innovation and regulation in the energy sector as part of Ofgem's Innovation Link launch.