Energy Working Group
Due to the threat of climate change, the global energy sector is under increasing pressure to evolve and modernize at a rapid pace and on an unprecedentedly large scale. To comply with the public demands and requirements for change and modernization, the energy sector will have to Digitise, Decentralise, and Decarbonise.
The Energy Working Group believes these goals can be achieved if the energy sector can realize its own specific version of the so-called Internet of Things. Such an “Energy Internet” will require automated communication between stakeholders and devices. For this to happen, we need harmonised and interoperable standards, for example, where network codes are concerned. Furthermore, we require trusted data origins in order to guarantee a resilient and trustworthy foundation for automated communication. All these needs can be met with the use of Distributed Ledger Technology.
Objectives for 2021
The WG has agreed on three objectives around which it will carry out its annual work:
- The four objectives develop different levels of analysis, creation, sharing and strengthening. The Working Group aims to:
• Analyse the DLT energy ecosystem
• Develop DLT energy community standards and define requirements
• Increase knowledge on and acceptance of DLT and provide a platform for discussion
• Foster community consensus on standards, conformity and security
Outputs for 2021
- The Working Group engages in a number of activities aimed at achieving the above mentioned objectives. After finalising their initial position paper, they are working to create a second, publicly available position paper.
- The Working Group invites guest speakers to each of its meetings to present their projects and activities to meeting attendees.
Why is it essential?
The transformation of the energy sector is a global challenge that is paramount to every country in the world. It is therefore imperative that we develop solutions in an international and collaborative setting in order to avoid redundant developments and minimize failures. Due to the time-sensitive nature of energy transition and climate change, resource efficiency should be a key factor in decision making. An Energy WG at INATBA can serve as a global platform for information exchange, standardisation and harmonisation that will help accelerate the development and acceptance of solutions.