Global Blockchain in the Energy Sector Expected to Grow

A row of some 80 utility trucks and vehicles lined the streets of Madison to recognize the 95th anniversary of the Municipal Electric Utilities of Wisconsin.  This is an association representing community-owned, locally controlled municipal electric utilities.  This community and many more just like it, are commending or condemning their utility companies. 

Their cause for complaint and concern? Transparency. One town demands it while another will flagship it.  After a 17 percent rate adjustment increase, Georgetown, SC patrons are demanding transparency and questioning city budget increases.  Wisconsin lawmakers proposed a package of utility-based bills aiming to “increase affordability, transparency and to protect consumers,” said Megan Novak, director of Americans for Prosperity-Wisconsin. 

Tom Content, executive director of the state watchdog Citizens Utility Board said the proposal would boost transparency.  “That allows the commission to actually say, ‘What is the plan that makes the most sense for customers and are we tapping sources of energy that can actually save people money?’” Content said.

Advancing technologies like blockchain offer unmatched benefits to the energy sector.  Decentralization, security, traceability and transparency are among those benefits.  In fact, according to Emergen Research, the global blockchain in energy market size is expected to grow to $8,761.4 million in 2027, registering a CAGR of 56.1% during the forecast period. 

To date, several energy providers are already using blockchain technology to promote transparency in various facets of daily operations.  Through this technology, the Iberdrola Group has successfully connected electricity generation plants to specific consumption points, allowing for complete traceability of the energy source. This game-changer offers transparency and incentivizes the use of renewable energy.  What techniques will your utility employ to reduce fears and apprehension about rising electricity costs?  Could transparency also promote energy efficiency or conservation?