SEEPEX, Traken Tech to cooperate on introducing blockchain in electricity market

Serbian power exchange SEEPEX and tech company Traken Tech have agreed to cooperate on using new digital technologies, such as blockchain and Web3, to upgrade the electricity market.

As a basis for future strategic cooperation, SEEPEX and Belgrade-based tech company Traken Tech have signed a memorandum of understanding. Of note, a few days ago the Serbian electricity exchange operator announced a merger with Slovenian power exchange BSP SouthPool.

According to SEEPEX, the aim of the partnership is to cooperate in research, development, innovation and piloting activities to improve the existing electricity market environment by using new digital technologies, with a focus on blockchain and Web3 technologies.

The companies intend to develop infrastructure for the EU action plan to digitalize the energy system

Following the European Union’s action plan for digitalizing the energy system, which aims to improve energy efficiency, decarbonization, electrification, sector integration and decentralization, the two companies intend to address the challenges by developing comprehensive and flexible infrastructure that will benefit the overall electricity market.

“The key enabler for a digitalized energy system is availability and accessibility of energy-related data based on seamless and secure data transfers among trusted parties. In this sense, blockchain technology could be introduced as a most convenient platform for efficient digitalization and decentralization of the power system”, SEEPEX said.

Cooperation will also include aggregation and market utilization of small-scale renewables, and the introduction of guarantees of origin

The memorandum covers aggregation and market utilization of decentralized energy resources – small-scale renewables and flexible DSR (demand side services) facilities, flexibility market research, development, and innovation (RDI) activities, guarantees of origin, joint participation in the EU RDI programs, as well as the design of innovative financial models based on decentralized finance.

Two companies see the document as an important milestone in further development through synergy focused on planned research and innovation activities.