Energy Web Foundation and Minna Denryoku Conclude Test of Blockchain for Japanese Renewable Energy Markets
Zug, Switzerland — February 27, 2020 — Today the Energy Web Foundation (EWF) and Minna Denryoku Co. Ltd. (Minden) announced that they have successfully completed a joint test of blockchain technology for Japan’s renewable energy markets.
For the project, Minden used the architecture and performance of the Energy Web Chain (EWC) and EW Origin software development toolkits (SDKs) to benchmark and evaluate its own Enection 2.0, a blockchain-based platform that launched in December 2018 to pair retail electricity sales with energy attribute certificates (EACs) for green energy. Minden’s Enection 2.0 platform currently runs on the NEM blockchain.
The Minden-EWF project ran primarily in 2019. It used actual generation data from 16 renewable assets throughout Japan (including solar PV, wind, hydro, and biomass) and one month of 30-minute demand data from 13 real energy customers. EWF primarily used the default modules of its EW Origin SDKs, but swapped in Minden’s custom matcher, an algorithm to pair renewable energy demand and renewable energy generation volume based on various criteria (e.g., generation source, price, location).
“Through our work with PTT in Thailand and SP Group in Singapore, we’ve continually seen the strong willingness to experiment and innovate with blockchain-based technology among leading Asian markets, especially when it comes to the region’s sizable demand for green energy,” said Micha Roon, chief technology officer for EWF. “Japan is now one of the world’s largest deregulated electricity markets, and our collaboration with Minden has been a valuable opportunity to share mutual insights as the market continues to evolve.”
Minden’s experience confirmed the agility of the EW Origin SDKs, and also gave EWF key insights into further adapting the SDKs to the business and regulatory needs of the Japanese market.
Japan’s electricity markets underwent significant deregulation in 2016, which opened up retail choices to both residential and corporate customers. Meanwhile, demand for renewable energy has been on the rise among Japanese customers. Minden — founded in 2011 — is an energy innovation startup aiming to fill the gap between this newfound retail choice and growing green energy demand, by bundling electricity sales with the EACs.
“In Japan, there are growing needs for renewable energy procurement. Our blockchain-based energy trading system, ‘ENECTION 2.0,’ offers choice for renewable energy users,” said Seiya Miyake, chief operating officer of Minden. “As a global leader with experience across many different energy markets, EWF brought invaluable insights to the evolution of our platform.”
About Energy Web Foundation (EWF)
Energy Web Foundation (EWF) is a global nonprofit organization accelerating a low-carbon, customer-centric electricity system by unleashing the potential of blockchain and other decentralized technologies. EWF focuses on building core infrastructure and shared technology, speeding adoption of commercial solutions, and fostering a community of practice.
In 2019 EWF launched the Energy Web Chain, the world’s first open-source, enterprise blockchain platform tailored to the energy sector. EWF’s technology roadmap has since grown to include the Energy Web Decentralized Operating System (EW-DOS), a “blockchain-plus” suite of decentralized solutions. EWF also grew the world’s largest energy blockchain ecosystem comprising utilities, grid operators, renewable energy developers, corporate energy buyers, and others.
The Energy Web has become the industry’s leading blockchain partner and most-respected voice of authority on energy blockchain. For more information please visit https://energyweb.org.
Contacts
Peter Bronski, Energy Web Foundation
+1.201.575.5545 | peter.bronski@energyweb.org
Nicole Arnone, Inflection Point Agency for EWF
+1.770.856.7185 | nicolearnone@inflectionpointagency.com
