Austrian Power Grid (APG) becomes the fourth member of the blockchain energy balancing platform EQUIGY. The Austrian transmission grid operator is joining Swissgrid, TenneT in Germany and the Netherlands and Terna in Italy. The joint initiative aims to address the imbalance between supply and demand of renewable energy sources.
The process of economies moving away from fossil-based energy sources towards renewable ones is referred to as energy transition. One challenge of the transition is the volatility in energy supply such as wind and solar. Renewable sources may not be able to provide sufficient capacity when demand spikes. As a result, power grids have to spend a lot of money to maintain a balance between supply and demand.
In Austria, renewable energy sources are particularly weather-dependent. With ever increasing energy consumption, the energy system needs a solution that enables members in the market to efficiently trade according to their needs if it is to be successful at completing its goal of providing 100% of energy supply from renewable sources by 2030.
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