EDP Group and El Corte Inglés Enter Into an Alliance for Tracking Renewable Energy
Seeking to verify the sustainability of electricity, leading companies EDP Group and El Corte Ingles have entered into a partnership and launched a blockchain-powered system. The alliance will allow both the firm to make use of blockchain technology in Spain. They aim to discover the source of renewable energy used by its shopping malls based in Malaga, Seville, and Madrid.
EDP has emerged as the leading energy supplier of El Corte Ingles for nearly 10 years. Now Europe’s leading department store El Corte Ingles plans to use the blockchain-powered system to highlight its commitment to bring down its carbon emissions. And EDP is the owner of five wind farms in Spain. EDP is keen to collaborate with El Corte Ingles to supply the renewable source of energy consumed at its several branches based in Malaga, Seville, and Madrid.
The initiative has been headed by EDP Renewables (EDPR). EDPR is the Spanish subsidiary of EDP Group and has emerged as the fourth biggest producer of wind energy all across the globe. According to the Spanish Wind Energy Association and Reve, Spain became the world’s fifth-biggest generator of wind energy in the year 2015. The electricity will be distributed to El Corte Ingles’ branches in Malaga, Seville, and Madrid from five EDPR wind farms with a total installed capacity of 169.4 MW.
The department store anticipates that the move will bring down carbon emissions to the tune of approximately 101,794 cars being removed from the road for about 7 days.
The project is scheduled to make use of the Blockchain Energy Tracking system, which will include using blockchain technology for generating real-time tracking of the source of energy consumed. The system Blockchain Energy Tracking is set to execute the fiduciary role of a digital notary at the exact time when the energy will get consumed. It will also make sure that the information available in the chain is precise and true.
As a result of this data structure, no one can alter the information secured or change its validity and integrity. El Corte Ingles will now be able to access the latest and real-time information on its energy usage with double verification: live to report, through the useful system Blockchain Energy Tracking project. And the Guarantees of Origin released soon after. EDP Group made it possible for El Corte Ingles through its unique and innovative technology.
EDPR’s blockchain system is expected to work in tandem with the conventional Guarantee of Origin. National Commission of Markets and Competitions will issue guarantees of Origin. It will help in verifying the renewable source of each megawatt-hour used by El Corte Ingles at its various branches. As of now, the project is likely to run for one year.
Carlos Cabanas, director of Institutional Relations at El Corte Inglés, said,
This agreement will allow a further step in real-time knowledge of the origin of the energy consumed. It also implies an advance in the traceability and reporting process.
Earlier EDP had allied with Austrian startup company Riddel&Code to create a blockchain solution for the automatic account settlement between energy stakeholders.