Gas Natural Fenosa & Endesa Execute Maiden Energy Transaction with Blockchain

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(Image Courtesy: european-business.com)

GAS NATURAL FENOSA and Endesa have become the first companies in the Iberian Peninsula to carry out an energy purchase and sale operation using blockchain technology. Specifically, the companies have made a transaction for a total volume of 5.95 GWh of natural gas.

The operation has been facilitated by Enerchain joint project that comprises of 39 European energy companies, among which is Enel (group to which Endesa belongs), which will carry out energy transactions through a decentralised infrastructure based on blockchain.

Demonstration transactions have already taken place during the past year. On Tuesday, at the E-World trade fair, which is being held in Essen (Germany), the first real sale operation has been closed, the company said.

“With this operation, GAS NATURAL FENOSA demonstrates its commitment to innovation,” said David Guerra, director of Trading, and Susana Calvo, deputy director of Emerging Business at the energy multinational.

Likewise, they pointed out that Blockchain is a technology, that although it has to overcome some relevant challenges, it has the potential to transform many areas of activity of energy companies from which the biggest beneficiaries will be our customers, both in price and service.

Javier Alonso, Trading Director of Endesa said, “in this project we take advantage of state-of-the-art technology to create a trading platform that can reduce energy supply costs, creating value for consumers, in line with the Enel Group’s Open Innovation philosophy.”

The project began in May 2017 and is the first platform for negotiating energy products with physical delivery with decentralised execution. The platform allows for gas and electricity transactions for any European zone and for any delivery period, from the very short term to operations with annual base load.

Sea News, February 7