Projects
Projects: Projects for Investigator |
||
| Reference Number | EP/T028564/1 | |
| Title | EPSRC-SFI: Blockchain transactions in the electricity industry: beyond tokenised energy | |
| Status | Completed | |
| Energy Categories | Renewable Energy Sources 10%; Other Cross-Cutting Technologies or Research(Energy Economics) 90%; |
|
| Research Types | Basic and strategic applied research 100% | |
| Science and Technology Fields | SOCIAL SCIENCES (Business and Management Studies) 80%; PHYSICAL SCIENCES AND MATHEMATICS (Computer Science and Informatics) 20%; |
|
| UKERC Cross Cutting Characterisation | Sociological economical and environmental impact of energy (Technology acceptance) 100% | |
| Principal Investigator |
Dr T Morstyn No email address given Engineering Science University of Oxford |
|
| Award Type | Standard | |
| Funding Source | EPSRC | |
| Start Date | 01 August 2021 | |
| End Date | 31 August 2023 | |
| Duration | 25 months | |
| Total Grant Value | £176,553 | |
| Industrial Sectors | Energy | |
| Region | South East | |
| Programme | Digital Economy : Digital Economy, Energy : Energy | |
| Investigators | Principal Investigator | Dr T Morstyn , Engineering Science, University of Oxford (100.000%) |
| Industrial Collaborator | Project Contact , University College Dublin, Ireland (0.000%) |
|
| Web Site | ||
| Objectives | ||
| Abstract | Cryptocurrencies such as Bitcoin are underpinned by a computer technology called blockchain, which has existed for around ten years. There are now proposals to use blockchain technologies to allow consumers to buy electricity directly from generators, in the form of tokenised energy.This project will investigate the new opportunities that could arise if the trading of tokenised electricity gains broader adoption. In particular, the project will examine the role another new blockchain technology, known as smart contracts, can play in such a business landscape. Smart contracts allow financial and business arrangements to be codified directly into the blockchain itself, where they execute in a way that cannot be interfered with. This project will explore the potential for deploying smart contracts in various new roles connected with tokenised energy trading, for instance:- to allow trading of other useful electricity services, such as targeting and rewarding reductions of consumption at times of high system stress;- to coordinate the generation and consumption of electricity within local energy communities so they do not burden the physical utility network;- to provide financial functions such as price guarantees for consumers or revenue-sharing schemes for community-owned energy resources.A particular focus of the project will be on renewable energy: can these blockchain technologies speed up the decarbonisation of electricity grids?; and can empowering communities, consumers and renewable generators with new financial tools create a cleaner and more collaborative electricity system?Overall, this project is a forward-looking piece of research which will guide how system operators adapt to blockchain technologies. The goal is give a well-rounded perspective on the full potential value that can be captured, rather than narrowly focusing on just the trading of tokenised energy itself. The project will show how positive interaction effects can arise, so that a vibrant blockchain sector can emerge across the electricity value chain, with each new piece of smart contract functionality complementing and adding value to the entire ecosystem. | |
| Publications | (none) |
|
| Final Report | (none) |
|
| Added to Database | 28/10/21 | |
