Spanish public multinational electric utility major Iberdrola said on January 14 the company has completed a project that will contribute to accelerating the decarbonisation process by using blockchain technology to guarantee that the energy supplied to the consumer is 100% renewable.
This first experiment to guarantee the renewable origin of the energy supplies was done with the financial entity Kutxabank, which was able to track, in real time, the origin of the energy supplied by Iberdrola from the generation asset to the point of consumption, Iberdrola said in a press release.
The renewable energy was generated in wind farms in Oiz in Biscay province and Maranchón in Guadalajara province in the Castile-La Mancha region and the San Esteban hydroelectricity plant in the Orense province in the Galicia region. The clean energy from these assets was then consumed at the headquarters of Kutxabank in the Basque Country and Cajasur in Córdoba.
According to Iberdrola, Blockchain technology allocates which assets will supply energy to a specific point of consumption, and can even be used to establish a hierarchy of priorities when it comes to sources of origin.
“With this initiative, renewable energy certification processes are accelerated and automated, certification is given a greater degree of traceability, and the transaction is made more transparent and secure, as it is permanently registered on the platform so that both parties can audit the results,” Iberdrola said.