Gas Natural Fenosa and Endesa are the first companies in Spain and on the Iberian Peninsula to implement blockchain technology for an energy trade operation, as reported by EL ESPAÑOL. The energy companies have carried out a transaction for a total volume of 5.95 GWh of natural gas.
Endesa, which is the largest electric utility company in Spain, and Gas Natural Fenosa, executed the trade on Enerchain, a joint project that involves 39 European firms operating in the energy sector. The project also includes Italy-based Enel Group, which is Endesa’s parent company.
Several such experimental transactions were conducted in the past as well, however, today, at the E-World Congress in Essen, Germany, the two Spanish companies demonstrated the first real trade on the blockchain.
“With this operation, Gas Natural shows its commitment to innovation,” said David Guerra, sales director, and Susana Calvo, deputy director of emerging business at Gas Natural Fenosa.
The company representatives added:
“Blockchain is a technology, which although it has to overcome some relevant challenges, it has the potential to transform many areas of activity of energy companies, and the biggest beneficiaries will be the customer, both in terms of price and service.”
Javier Alonso, Endesa’s sales director, said:
“In this project, we take advantage of the cutting-edge technology to create a trading platform that can reduce energy supply costs and create value for consumers, in line with the Enel Group’s Open Innovation philosophy.”
The project began in May last year, and it hosts the first platform for trading energy products using distributed ledger technology. With Enerchain, gas and electricity trades may be carried out in any part of the EU region.
Enerchain was developed by German software firm Ponton. Ernesto Ciorra, head of innovation at Enel, commented on Enerchain, saying that “it is probably the most innovative project in the energy space today.”
Both Gas Natural Fenosa and Endesa are part of Spain’s sole nationwide blockchain network called Alastria. It also includes local banks, telecommunications, universities, as well as entities from other sectors.