Atlantic Power Exchange and Overledger bring a unique opportunity to the energy market operators
Any energy market aiming to promote environmental responsibility, energy Quality, Reliability, Security and Safety (EQRSS) for consumers needs to consider their long-term efficient operation and investments in their network. With public sentiment demanding clean energy sources, as well as the significant reduction in the cost of renewable technologies, has given rise to the Global Energy Transition.
The investor’s in energy generation opportunities are favouring renewables over the traditional fossil-fuelled technologies. Changes in power generation technology give rise to different opportunities and challenges for energy markets. This changes the dynamics of competition and different types of market forces come into play. Recent energy decentralisation has fragmented the energy market. Traditionally few large power stations would meet the power demand of the entire grid. This is changing to smaller power sources supplying energy markets.
The supply-side fragmentation allows many different opportunities in addition to the power generation as well as ancillary operations such as demand management response.
Blockchain architecture is well suited for managing and settling transactions between numerous stakeholders. Combined with other technologies such as Artificial Intelligence (AI) and Internet of Things (IoT), the energy market design can increase competition but also provide the consumers with many more benefits and improving EQRSS.
Blockchain is a technology platform that can provide secure, safe and traceable transaction operations for energy markets. There are many Power Blockchains coming to the market each having a different attribute. For a market operator to meets its EQRSS objectives, keeping abreast of technological advancements is mandatory. One of the biggest challenges is knowing which technology to adopt, which is a moving target. In the case of blockchain, this is a bigger challenge as the technology has not reached maturity making it more dynamic.
A technology which provides flexibility and agility to a market by allowing the market operators to choose the right blockchain technology will remove significant risk in investments. Atlantic Power Exchange and Quant Networks are creating a platform to allow the energy operators to adopt blockchain by avoiding the risk associated with the choice of technology.
Atlantic Power Exchange and Overledger bring a unique opportunity to the energy market operators as outlined below:
- Interoperability: Seamlessly interact with multiple distributed ledgers and existing systems, enterprise applications and networks simultaneously;
- Choice: Avoid vendor lock-ins and move new and legacy systems between blockchains;
- Innovate: Provides access to an ecosystem of distributed ledgers to foster innovation;
- Openness: Establishes a common language between technologies in an open-source environment; and
- Secure: Comply with internal and external security and regulatory requirements.
The partnership between the two companies was formed with the vision to provide options to all stakeholders in the energy markets and creating value and meet EQRSS objectives.