Singaporean leading energy utilities group SP Group announced its collaboration with global energy players in order to develop blockchain solutions to help customers to save costs as well as drive more integration of renewable energy sources on the electricity grid.

SP Group’s partnership with various companies will identify, build and integrate promising blockchain solutions. It will be partnering with Energy Web Foundation (EWF) and utilities including Centrica PLC, Engie, Sempra Energy, Stedin, Technical Works Ludwigshafen AG (TWL) and Tokyo Electric Power Co (Tepco). It will also partner with oil & gas companies namely Royal Dutch Shell and Statoil ASA; and transmission system operator, Elia.

“At SP Group, we constantly seek new technologies and solutions to create a future-ready and sustainable network. We are working towards transformational solutions to serve customers better, as we transition towards a cleaner, more resilient and cost-effective energy future. We look forward to working with respected industry partners to accelerate the deployment of blockchain to help our consumers save energy and cost, and enhance their quality of life,” May Liew, Director of Strategic Development, SP Group, stated.

Blockchain technology plays a key role in energy sector. It not only lowers transaction costs by reducing the costs of utility bills, but also allows energy devices like electric vehicles, batteries and solar photovoltaic (PV) to transact with each other. This is done by supporting utilities and grid operators to integrate more renewable sources at lower cost.

The EWF is a partnership between Rocky Mountain Institute and Grid Singularity and aims to foster the commercial deployment of blockchain technology in the energy sector. Earlier this month, few energy firms collaborated to support EWF that helped it to secure the first round of funding amounting to $2.5 million.