SEEPEX, Traken Tech collaborate on the introduction of blockchain in the electricity market

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

As a basis for future strategic cooperation, SEEPEX and Belgrade-based technology company Traken Tech have signed a memorandum of understanding. It should be noted that a few days ago the operator of the Serbian power exchange announced a merger with the Slovenian power exchange BSP SouthPool.

According to SEEPEX, the objective of the partnership is to cooperate in research, development, innovation and experimentation activities to improve the current context of the electricity market using new digital technologies, with particular attention to blockchain and Web3 technologies.

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

Following the European Union’s action plan for the digitization of the energy system, which aims to improve energy efficiency, decarbonisation, electrification, sectoral integration and decentralization, the two companies intend to address the challenges by developing a complete and flexible infrastructure for the benefit of the overall electricity market.

“The key factor for a digitized energy system is the availability and accessibility of energy data based on seamless and secure data transfers between trusted parties. In this sense, blockchain technology could be introduced as a more convenient platform for efficient digitization and decentralization of the energy system,” SEEPEX said.

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

The memorandum covers the aggregation and market utilization of decentralized energy resources, small-scale renewable energy and flexible DSR (debt service ratio) structures, market research, development and innovation (RDI) activities of flexibility, guarantees of origin, joint participation in EU CSR programmes, 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 the synergy focused on planned research and innovation activities.

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