APG becomes a part of EQUIGY blockchain power grid association

APG becomes a part of EQUIGY blockchain power grid association

While the world is rapidly turning to renewable sources of energy for power generation, Austria’s prominent Austrian Power Grid (APG) has recently laid down its plans of being a part of the transition race.

According to official sources, APG has reportedly joined EQUIGY blockchain energy balancing platform as the fourth member following Swissgrid in Germany, Terna in Italy, and TenneT in Netherlands. Speculations have it that the joint initiative would enable the company to address the imbalance between supply and demand of renewable energy sources in the country.

As per credible reports, renewable energy sources in Austria are weather-dependent, and with burgeoning energy consumption, the energy system requires a solution that enables members in the market to effectively trade as per their needs.

In this regard, EQUIGY’s solution allows small and large enterprises in the renewable energy market to store and produce energy. This aggregated energy is then used to stabilize power grids. Moreover, the platform makes use of batteries, blockchain, and EVs to balance the electricity grids, facilitating the participation of the average commercial and household providers in the energy trading market.

Furthermore, by becoming a part of EQUIGY, global participants are capable of cooperating in renewable energy exchange in Austria which facilitates reaching a balance between supply and demand and makes the whole system highly stable and flexible.

For the record, APG has already unveiled a platform in 2019 which enables the participation of small-scale consumers like households in the energy trading market. Through this initiative, the company also hopes to further develop the platform and collaborate with other transmission grid operators to strengthen the blockchain technology and its outreach.

In 2020, APG had to intervene on the grid almost every day, and undertake vivid redispatch measures, which eventually accounted for 134 million euros.

Source Credit: https://www.ledgerinsights.com/austrias-apg-joins-equigy-blockchain-power-grid-consortium/