Blockchain, what exactly is it? Defining it is tricky but one thing is for sure – it’s making its way into the energy sector. Distributed ledger technology is changing the way that homes consume energy and it could give consumers more control on what and how they use it. It’s in its early stages, but what if, in the not-so-distant future, it allows people to trade energy amongst themselves?
It will mean significant change (and benefits!) for the energy sector, and energy law practitioners must get up to speed as it will call for tighter legal processes and specialist advice on contracts and the creation of services that simply did not exist before.
The need is only going to increase too with Green Tech Media Research’s recent report, Blockchain in Energy 2018, highlighting that it expects an increase in utility investment as they “continue to monitor the space and more companies complete successful pilot projects”. Chile’s energy regulatory agency, the Comisión Nacional de Energía de Chile (CNE), also announced in March 2018 that it will use blockchain technology in the national energy grid. It will be used to authenticate information like marginal costs, average market prices, fuel prices, and compliance with renewable energy law and who knows in time to come, perhaps the UK will follow suit.
It won’t come without its challenges for lawyers, though, with regulatory and technological issues around trust and the legal process, GDPR and personal data and data accuracy vs data integrity. These are all hurdles that will need to be addressed in the coming months as projects and investment gain further traction.
Don’t miss your opportunity to hear John Danahy, Partner and M&A-based energy transactions expert at Squire Patton Boggs LLP, speaking at the Renewables Law Conference 2018. He will discuss the highly topical subject of blockchain and how this is being adopted within renewable energy – and the opportunities/challenges this brings. John will also be looking at the pitfalls in structuring renewable transactions, trends and lessons to be learned from recent deals.
Further highlights will include:
- Hearing a variety of perspectives from key stakeholders in the development of renewable energy in the UK
- Understanding the practical issues that affect the way deals, schemes and contracts are structured
- Learning about community energy schemes
- Considering anticipated changes and the impact of Brexit on energy policy and law
- Getting to grips with planning and property issues
If you have any questions, or to book a place on this conference, please call our helpful client services team on 0121 362 7705 or email email@example.com or visit our website: https://www.clt.co.uk/Conference/Renewables-Law-Conference-2018/