Traditional grid-based electricity is starting to fragment with the addition of renewable energy sources. Around the Dutch Port of Rotterdam, there are wind turbines and solar panels that supply
energy to the port. BlockLab which is part of the Port of Rotterdam is working with S&P Global Platts on a blockchain decentralized energy grid project.
The disadvantage of renewable energy sources is that they’re unreliable. So the two companies are creating a platform to coordinate supply and demand of energy. Typically this involves adjusting prices so that energy consumers reduce consumption during peak periods and perhaps store energy temporarily.
“You can’t simply switch the sun and wind on and off. This makes it difficult to make optimum use of these sustainable energy sources. What happens now is that wind farms are paid to shut down the wind turbines, simply because the grid operators cannot use all that power. In Europe and North America, we are losing billions through these kinds of inefficiencies”, explained Janjoost Jullens, BlockLab energy lead.
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