30.05.2023 | Managing energy flexibility using blockchain solutions.
Together with other FEVER partners, FlexShape has successfully developed an innovative, advanced multi-APP blockchain-based solution for trading energy and energy flexibility. It uses peer-to-peer technology and primarily targets energy communities and local DSOs. This solution has high potential, offering many great opportunities such as traceability, immutability, trust, and robustness (e.g., when locally running sensitive offer matching/auctioning algorithms in untrusted environments).
By interacting with the demo partners, we have learned about the specific challenges of realizing this potential. Firstly, fostering a high level of trust between users/community members and solution providers is crucial. Secondly, local country-specific regulations still present hurdles for local peer-to-peer energy trading. Lastly, the applicability of the blockchain technology is significantly (negatively) impacted by the cryptocurrency crisis happening since late 2020.
Having recognized these challenges, it is clear that our solution is at the cutting edge of technology and will take its time to reach widespread use by local energy communities.
In the meantime, we have found a new market where we can already now make good use of our underlying Aggregator - as a Service platform which was also significantly extended within FEVER: ancillary services and energy trading in the existing energy sector for assets such as batteries, wind and solar parks. This direction is supported by the recent partial acquisition of FlexShape by Danish multi-utility EWII.
Consequently, we have shifted our short term focus to this sector while working to overcome the aforementioned challenges in the long term.