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Blockchain in the Electricity Market: Identification and Analysis of Business Models

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Blockchain in the Electricity Market: Identification and Analysis of Business Models Blockchain in the Electricity Market: Identification and Analysis of Business Models Alisa Orlov Supervisor: Professor Mette Helene Bjørndal, NHH Master thesis, MSc in Economics and Business Administration Major: Energy, Natural Resources and the Environment Norwegian School of Economics & HEC Paris Bergen / Jouy-en-Josas, Autumn 2017 This thesis was written as a part of the Double Degree programme between the Master of Science in Economics and Business Administration at NHH and the Master of Science in Sustainability and Social Innovation at HEC Paris. Please note that neither the institutions nor the examiners are responsible − through the approval of this thesis − for the theories and methods used, or results and conclusions drawn in this work. Abstract This paper aims to identify the business models used by blockchain-based initiatives and projects in the electricity market and identify how they affect it. This research examines the market trends within the electricity market as well as general socioeconomic and technological developments. This paper is based on a conceptual analysis of case studies that utilise blockchain technology in the electricity market and an empirical evaluation of considerations that have to be made when implementing a peer-to-peer energy-trading platform. For the conceptual analysis, a four-dimensional business model framework has been defined. To specify the dimensions of the business model, categories and characteristics have been identified that have been determined to be characteristic to the 22 analysed case studies. Seven business model archetypes were subsequently derived from the initial four-dimensional review of the case studies. This paper adds value to both research and practice in three ways. First, it facilitates discussions about blockchains in the electricity market and their practical use. Second, it sheds light on the implications of their use on the electricity market and its participants. Third, it highlights what factors need to be considered when implementing a blockchain- based P2P energy-trading platform. While the first energy blockchain project was introduced in 2015, at the time this paper was submitted it was the first publication that analysed blockchain-based business models in the electricity market. In writing this paper, the author has assumed that readers have only little knowledge of blockchain technologies and the opportunities for their application in the energy market. Key words: energy blockchain, peer-to-peer energy trading, business models, electricity market, blockchain ii Contents Abstract ...................................................................................................................... ii Contents ..................................................................................................................... iii List of figures .............................................................................................................. v List of tables ............................................................................................................... vi List of abbreviations ................................................................................................ vii 1. Introduction ....................................................................................................... 1 1.1 Relevance of the research topic and problem statement .......................................................... 1 1.2 Research question, aim and scope of the thesis ....................................................................... 2 1.3 Structure of the thesis .............................................................................................................. 3 1.4 Literature review ..................................................................................................................... 4 2. Market trends introducing structural challenges to the electricity system .. 8 2.1 Theoretical foundation: the electricity system ......................................................................... 8 2.1.1 Electricity grid .............................................................................................................. 8 2.1.2 Electricity market .......................................................................................................... 9 2.2 Trends .................................................................................................................................... 12 2.2.1 Climate change ........................................................................................................... 12 2.2.2 Decentralisation .......................................................................................................... 13 2.2.3 Electrification ............................................................................................................. 14 2.2.4 Digitalisation .............................................................................................................. 15 2.3 Challenges ............................................................................................................................. 16 3. Socio-economic and technological developments .......................................... 19 3.1 Sharing economy ................................................................................................................... 19 3.2 The blockchain and distributed ledger technologies ............................................................. 22 3.2.1 Functional principles .................................................................................................. 22 3.2.2 Development and use cases of the blockchain ............................................................ 27 3.2.3 Limitations of the blockchain ...................................................................................... 29 4. Methodology ..................................................................................................... 31 4.1 Business-model concepts ...................................................................................................... 31 4.2 Case-study format ................................................................................................................. 35 4.2.1 Case-study selection .................................................................................................... 36 4.2.2 Identified categories and characteristics for business model analysis ....................... 37 5. Blockchain-based business models within the electricity market ............... 42 5.1 Identified business-model archetypes for blockchain-based projects within the energy market 42 5.2 Description of business-model archetypes and their impact on the electricity market .......... 42 5.2.1 Retailer ........................................................................................................................ 42 5.2.2 Renewable energy certificates..................................................................................... 44 iii 5.2.3 Transparency regarding procured energy mix ........................................................... 45 5.2.4 Crowdsale platform .................................................................................................... 46 5.2.5 OTC trading platform................................................................................................. 48 5.2.6 Flexibility-trading platform ........................................................................................ 49 5.2.7 P2P energy-trading platform ..................................................................................... 50 5.3 Discussion ............................................................................................................................ 52 6. Considerations for a P2P energy-trading platform ...................................... 54 6.1 Regulation in Norway: Plus customer scheme ..................................................................... 54 6.2 Methodology and data used .................................................................................................. 55 6.3 Analysis ................................................................................................................................ 56 6.3.1 EMPOWER smart grid pilot in Hvaler ...................................................................... 56 6.3.2 P2P energy trading .................................................................................................... 60 7. Conclusion ........................................................................................................ 64 7.1 Findings and contribution to theory and practice ................................................................. 64 7.2 Limitations and areas for future research ............................................................................. 65 7.3 Conclusion ............................................................................................................................ 66 References ................................................................................................................. 68 Appendices ................................................................................................................ 79 A) Concepts of network architectures by Paul Baran ..................................................................... 79 B) Blockchain technology..............................................................................................................
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