Austrian Utility Giant Trials Blockchain Energy Trading

Wien Energie, Austria’s largest utility conglomerate, is taking part in a new blockchain trial focused on energy trading.

AccessTimeIconFeb 16, 2017 at 6:20 p.m. UTC
Updated Sep 11, 2021 at 1:06 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Wien Energie, Austria’s largest utility conglomerate, is taking part in a new blockchain trial focused on energy trading.

The conglomerate is working with Vancouver-based BTL Group, as well as EY’s Austrian outfit, on the project. The firm, according to its website, provides power to more than two million people, as well as thousands of industrial and agricultural customers in Austria.

In statements, Wien Energie indicated that it wanted to explore new avenues for tracking energy assets, with the aim of reducing the cost of doing so. The trial is expected to last three months, from March to May of this year.

Wien Energie CEO Michael Strebl said in a statement:

"Blockchain technology is a further digitization trend in the energy industry. As Austria's largest energy service provider, we want to actively make use of the technology and its chances for our customers and us."

The first publicly acknowledged blockchain trial for Wien Energie, representatives said that it would consider whether the solutions developed are commercially viable, though there’s no clear timeline as to when any products based on blockchain might be released.

It’s also the latest signal from the energy industry about its interest in blockchain.

Germany-based RWE has been testing ethereum for various use cases, partnering last year with startup Slock.it, the firm behind the now-defunct DAO project. Ethereum has also been leveraged by other startups looking to retool how energy can be traded.

And while not focused specifically on the energy trade, the US Department of Energy began soliciting research proposals related to the tech in January.

Power Line image via Shutterstock

Correction: A previous version of this article incorrectly reported that BTL Group was headquartered in Toronto.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.