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Congressional Report Examine Potential For Peer-To-Peer Retail Electric Sales Via Blockchain
August 13,2019 A report by the Congressional Research Service entitled, "Bitcoin, Blockchain, and the Energy Sector" examined, among other things, the potential for blockchain to be used for peer-to-peer retail electricity sales. The report states, "Other more advanced utilizations for blockchain in the energy sector could be highly disruptive. For example, there is increasing interest in net metering and a transactional grid (i.e., where producers of distributed energy resources, such as rooftop solar, can sell the electricity to nearby consumers). Prototype projects have relied upon blockchain technology among other peer-to-peer approaches to facilitate renewable energy transactions at the local level.99 Other peer-to-peer efforts include managing virtual power plant operations and enabling those who do not own renewable energy systems to pay for a portion of the energy generation of a host’s system in exchange for a reduction on their utility bills (e.g., renters paying for a portion of an apartment building’s rooftop solar system)." The report states, "If such applications are found to be practical and economical, blockchain technology could alter the manner in which electricity customers and producers interact. Traditionally electric utilities are vertically integrated. Blockchain could disrupt this convention by unbundling energy services along a distributed energy system. For instance, a customer could directly purchase excess electricity produced from their neighbor’s solar panels instead of purchasing electricity from the utility. On the one hand, this could result in a more transparent and efficient system. Blockchain could encourage more competition among generators and more flexibility and choice for consumers. On the other hand, unbundling energy services could lead to concerns over distribution control to accommodate the decentralization. Furthermore, storing vast quantities of data about critical infrastructure on distributed ledgers may introduce additional cybersecurity concerns." The report states, "The sale of electricity via blockchains that are independent of a conventional utility framework may be subject to significant legal interpretation, and potentially represents the intersection of various federal and state statutes and regulations. Jurisdiction over the sale of electricity from a distributed energy resource or electric vehicle charging station hinges upon its definition as either a retail transaction or a sale for resale. Retail transactions are generally defined by the Federal Energy Regulatory Commission (FERC) as 'sales made directly to the customer that consumes the energy product,' whereas sales for resale are defined as 'a type of wholesale sales covering energy supplied to other electric utilities, cooperatives, municipalities, and Federal and state electric agencies for resale to ultimate consumers.' States typically regulate retail electricity transactions, while FERC has jurisdiction over the transmission and wholesale sales of electricity in interstate commerce." See the report here
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