Energy Tech Podcast: Electric Vehicles and Decentralising Energy Storage Systems
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A move towards microgrids has the potential for significant socio-economic and environmental benefit, assisting with decarbonisation and improving network resilience. However, operating such as system requires the efficient and accurate monitoring and recording of usage data and coordination between multiple energy sources and the central electricity network. In this podcast, we take a look at how he Internet of Things, machine learning and artificial intelligence can effectively use this data to establish consumption and usage patterns so that demand and supply are balanced, and how blockchain allows for the automated execution of smart contracts in peer-to-peer (P2P) trading networks.
Microgrids promote localised renewable energy production and consumption, leading to significant distribution and transmission efficiencies and offering consumers autonomy over the energy they consume. Operating a decentralised energy system is not straightforward, though, and the monitoring and recording of usage data requires "smart infrastructure" capable of processing the increase in data transfer and transactions across the network.
In this episode of our Energy Tech podcast series, Richard Power and Lee Bacon discuss how the Internet of Things enables the capture of a vast amount of data regarding domestic energy use, and machine learning or “artificial intelligence” can enable the use of this data to establish consumption and usage patterns, identifying times of peak demand as well as "down times" when stored energy can be sold to other households.
However, the actual operation of a microgrid remains cumbersome due to the vast number of transactions involved in the sale of energy between prosumers. We therefore also explore how blockchain and smart contracts can provide a solution. In the context of microgrids, blockchain allows for the automated execution of smart contracts in peer-to-peer (P2P) trading networks.
Listen to find out how these exciting new technologies will be applied and to understand the key legal opportunities and risk associated with them.