Wien Energie is Gearing Up for a Large-Scale Blockchain Rollout

One of Austria's largest energy firms is fast preparing for a future where blockchain impacts its business model, according to a new interview.

Mar 27, 2017 at 10:00 a.m. UTC
Updated Sep 11, 2021 at 1:11 p.m. UTC

Wien Energie, the largest energy supplier in Austria, is getting serious about blockchain as part of its developing business strategy.

In interview with CoinDesk, the firm's CEO, Michael Strebl and managing director, Peter Gönitzer, opened up about their new blockchain energy trading proof of concept, explaining how the pilot will serve as a model for future blockchain work.

First announced 16th February, the project will see Wien Energie partner with Canadian DLT consulting firm BTL Group and the Austrian arm of global accounting firm EY.

According to Strebl, Wien Energie is keen to continue testing blockchain under "lab conditions" on the basis it could be market ready within a "few years".

Strebl explained that the firm aims to get ahead in order to be able to integrate blockchain into future business models "at an early stage".

He said:

"A wide-scale rollout will certainly give rise to completely new market opportunities in terms of services and applications offered by energy providers."

The primary short-term focus of the program will be developing blockchain systems that efficiently manage confirmation matching, trade and portfolio reconciliation, and regulatory compliance, the company said. Longer-term goals focus on developing peer-to-peer trading and energy grids.

Notably, the company already sees that this transition could have a material impact on its business.

"We regard our future role to be even more that of a provider and service platform," Strebl said.

Wien Energie serves over 2 million customers in the Greater Vienna metropolitan area.

Welder in pipeline image via Shutterstock

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