Automation systems boost energy trading and decision-making to opt for internal sales or export energy.
A company of the energy sector in Uruguay uses blockchain technology to conduct transactions related to renewable energies. This is possible, thanks to blockchain, in a faster way than using traditional platforms for payments.
The name of the company is Ventus. It is an Uruguayan Energy Firm dedicated to developing wind power projects. To make real this plan, Ventus established an alliance with PowerLedgers, a company that offers business solutions through blockchain networks.
Marcelo Bretón, Director and CFO of the energy company, announced the project through the official website, where he explained that they managed to create an automation system in the energy trading. They also reduced the operating costs by 30%, thanks to blockchain technology.
Both companies were looking for a system that allows them to automatically opt for internal sales or even export energy, improving the flow of information between the parts in real-time to optimize the decision-making business world and, in this way, the rest of the process of energy trading.
According to the article, the idea was to create not only an automation system but also a model that could predict the generation and estimate the value of the energy to take decisions itself on the destination of the sale using Distributed Ledger Technology (DLT).
PowerLedgers created for Ventus a software to export 153,960 MWh of renewable energy in 2018, eliminating the margin of human error, and making decisions in real-time.
An Additional Opportunity
Bretón says that after using this technology and the new platform successfully, Ventus began to offer solutions for companies that seek to automate processes which are currently made manually.
This new tool based on blockchain technology will boost efficiency and precision in the decision-making process of different companies.
In 2017, Ventus signed an agreement with the Wholesale Electric Market Management Company (CAMMESA, in Spanish) for the sale of energy from Uruguay to Argentina, something without precedents between those countries.
The sales agreement was implemented through weekly package of energy produced by the 73 power MW installed and operated by Ventus, administered in 8 wind farms.
“The spirit of the agreement sought to optimize the profitability of the wind farms operated by Ventus through an alternative to the sale of energy to the domestic market. Therefore, if the energy price of the spot market in Uruguay had a higher value than initially offered by CAMMESA, the energy was turned over in the local market. Otherwise, the energy was exported”, Bretón explained.
More Use Cases
Blockchain not only is responsible for storing information, but also it is responsible for transferring data safely and quickly without being centralized. Depending on the company, blockchain could be very useful. Many companies use this technology to make their processes more transparent.
Siemens (Spain) and the GNERA Energy Group created a platform based on blockchain technology for energy marketing. Its objective is to facilitate energy transactions between producers and domestic consumers.
Similarly, the National Energy Commission of Chile uses smart contracts to make projects more transparent for all users and the people who want to know more about this work in Chile. There could be more developments, in the near future, based on DLT to make the manual work more efficient.
By María Rodríguez