What will BEYOND do?
BEYOND gathers a multi-disciplinary consortium to:
- Prove that blockchain-based technololgies are a viable technology to setup a trading platform
- Setup bidirectional communication platforms between electricity markets and a community of consumers and prosumers that engage in P2P trading but also provide/sell generation capacity in wholesale electricity markets and establish other grid-services tailored for local markets
- Establish business models for P2P trading and local-to-regional system integration in order to stimulate the adoption of renewables beyond feed-in-tariffs schemes.
- Quantify cost-benefits of local-regional-to-national market collaboration to include smaller stakeholders as prosumers or cosnumers as part of existing electricity markets (i.e. day-ahead/intraday operations)
During the project, different local-to-regional market designs will be studied in order to propose and define country specific alternatives that are in line with the requirements and scenarios. A secure, automatized and decentralized local market will be implemented in three countries (Austria, Ireland and Norway) based on smart contracts and blockchain technologies. The final steps of the project consist of analyzing the impact of these designs as well as elaborating new ideas and commercialization. To conclude, the project will provide regulatory and policy recommendations for the implementation of local-to-regional markets.