Singapore Power, the country’s electricity and gas provider, has announced a collaboration with other global energy giants to develop commercial blockchain solutions to help customers save on costs.
In an announcement [PDF] on Tuesday, the SP Group (Singapore Power) has revealed the formation of a new consortium compromising of global energy players that are joining forces to develop blockchain solutions.
As the corporatized entity of the former electricity and gas departments of Singapore’s Public Utilities Board, Singapore Power is among the largest corporations in the country. The company was created to take over the electricity and gas operations of the state-owned Public Utilities Board in 1985.
The energy supplier underlines blockchain technology’s potential to ‘transform’ the energy sector. Reducing the cost of utility bills and the increased, efficient integration of renewable energy sources onto the country’s electricity grid are seen as the two major benefits of introducing the innovative technology.
For consumers specifically, SP claims blockchain technology would allow energy consuming devices including heating, ventilation and air conditioning systems, along with electric vehicles, batteries and solar cells to ‘transact with each other’. The integration of renewable sources of energies would also be much cheaper among supporting utilities and grid operators, connected to each other over a blockchain.
May Liew, strategic development director at SP Group stated:
We are working towards transformational solutions to serve customers better, as we transition towards a cleaner, more resilient and cost-effective energy future.
Partnering Singapore Power in its blockchain endeavor is the Energy Web Foundation (EWF), an independent global non-profit that advocates and accelerates blockchain technology across the energy sector.
British utility giant Centrica PLC, French utility company Engie, US-based Sempra Energy, Dutch provider Stedin, German giant Technical Works Ludwigshafen AG (TWL) and Japanese provider Tokyo Electric Power Co (Tepco); oil & gas companies – Royal Dutch Shell and Norway’s Statoil ASA; and Belgian transmission system operator, Elia, will join Singapore Power in developing and exploring blockchain solutions in the global energy consortium.
Featured image from Shutterstock.