Austrian Energy provider, Wien Energy and blockchain interface company RIDDLE&CODE Energy Solutions have announced the successful launch of a blockchain-powered energy tokenization platform called MyPower.
The blockchain-powered platform enables consumers to participate in both energy consumption and production of green energy by tokenising solar photovoltaic (PV) assets and allowing consumers to purchase shares in PV plants across Austria.
“Local energy communities and microgrids are expected to play an increasingly important role in addressing climate change challenges and the transition towards renewable and sustainable energy systems,” said Michael Strebl, CEO of Wien Energie. “However, the current market structure is inadequate to realise this vision, as consumers are practically excluded from participating in energy production and settlements. Blockchain has the potential to transform consumers into prosumers and active participants in the energy network.”
How it works is that at the minimum viable product (MVP) stage of the project, shares of a local PV plant are sold to a limited number of consumers. In return for their participation, consumers receive a certain number of tokens, based on the amount of energy produced by the PV plant. The accumulated tokens can then be used for various purposes, such as paying electric bills.
“Through the tokenization of both digital and physical assets, RIDDLE&CODE enables new business models in the financial, mobility and, of course, energy industries,” said Thomas Fürstner, founder and CTO of RIDDLE&CODE. “Together with Wien Energie, we will unlock the full potential of the energy marketplaces and provide consumers with a platform that is both flexible and trustworthy.”
The platform includes one of Austria’s largest photovoltaic systems located in Vienna’s Donaustadt on Schafflerhofstrasse. The plant has an output of 11.45MW and is Wien Energie’s 28th citizen solar power plant.
According to Wien Energie, each solar package is fictitiously assigned a PV module with an output of 300 watts peak and the annual production is billed. For every generated kilowatt-hour of solar power, there is a payment of 17.00 cents. The minimum value guaranteed is a generation of 312 kilowatt hours per year and package, which corresponds to 53 euros ($64) and a return of 2%. If the photovoltaic system generates more, the remuneration increases accordingly.
In this instance, blockchain is digising the photovoltaic system and ensuring generation is completely transparent and the transmission is secure and encrypted. “In future, the customer will not only know his general energy mix, he will then have clear proof of origin, in which specific power plant, at which photovoltaic system, with which wind turbine his kilowatt-hour of electricity was generated. This strengthens trust in that Product electricity,” added Strebl.
As part of the project, RIDDLE&CODE Energy Solutions provides key management, tokenization and custody services and utilises Intel Software Guard Extensions to deliver the highest level of security.