EPEX SPOT supports Exergy platform to be launched by LO3 Energy
European Power Exchange to co-shape the blockchain-based energy Data Network
Paris, 12 October 2018. The European Power Exchange EPEX SPOT and LO3 Energy are taking their partnership to the next level. After signing a Memorandum of Understanding in December last year, sealing a partnership to connect Microgrids with wholesale markets, both companies will now cooperate on the Exergy Network.
Exergy is an innovative global blockchain data exchange and warehouse initiated by LO3 Energy which aims at standardizing and monetizing energy data. The goal of Exergy is to value data related to electricity production, use and transmission and to turn it into a digital asset. This digital asset is verified, encrypted and sharable in a secured and permissioned way, via the platform. Various players on the demand and supply side can connect to the platform by using “XRG tokens”, created specifically to access the Exergy system. This means that by connecting to the Exergy network, a prosumer within a microgrid can access its neighbors’ consumption pattern in order to cater to their energy needs at the appropriate time and possibly adapt his or her production pattern and storage use. Consumers could also value their consumption behavior toward smart device makers for them to create the best suitable appliances.
EPEX SPOT has contributed to the early phase of the Initial Coin Offering (ICO) of Exergy, during which the XRG tokens are available for pre-sale in order to fund the development of the Exergy network. The Power Exchange will take up an advisory role within the Industry Advisory Board of Exergy. Along with other early Exergy supporters, EPEX SPOT will co-shape the data standards used on the platform as well as the use-cases to which those standards will apply.
Exergy manifests the shared vision of LO3 and EPEX SPOT of a transactive energy world, inclusive of everyone, where increased energy efficiency is enabled by technology. Transactive (transaction & pro-active) means that a market-based approach is brought into every type of energy flow, from the prosumer to the supplier and utility level, improving the efficiency and reliability of the overall electricity system, toward a more interactive energy future.
“Exergy has the ambition to empower people, strengthen communities, and promote the advancement of a decentralized energy system. As Europe’s most innovative Power Exchange, EPEX SPOT has been assembling a true energy community over the years, bringing transparency to and facilitating diversity on our markets. Together with LO3 we are paving the path toward an energy system in which all activity is based on price signals, which are made available to anyone” says Jean-François Conil-Lacoste, Chief Executive Officer of EPEX SPOT.
The European Power Exchange EPEX SPOT SE and its affiliates operate physical short-term electricity markets in Central Western Europe and the United Kingdom. As part of EEX Group, a group of companies serving international commodity markets, EPEX SPOT is committed to the creation of a pan-European power market. In the first half of 2018, 284 TWh have been traded on EPEX SPOT markets. In 2017, its 285 members traded 535 TWh – a third of the domestic consumption in the eight countries covered. 49% of its equity is held by HGRT, a holding of transmission system operators. For more information, please visit www.epexspot.com.
Exergy™ is a distributed ledger system combining software and hardware layers, a token system for permitting data, and an architecture that advances market design and technology in tandem. Through our blockchain software, Exergy creates secure data pathways for decentralized markets, peer-to-peer transactions, predictive analytics, micro-hedging and other applications that are only beginning to be explored. For more information visit exergy.energy.