Energy Data Streams Marketplaces make available IoT data streams to cross-sectors Business and Institutional Partners, within a tight governance framework, transforming passive ‘consumers’ into ‘prosumers’ who actively contribute to a new sustainable value chain.
IoT data driven sustainable economic growth
The modern economic growth has occurred at the cost of polluting the environment and of an uncontrolled consumption of natural resources. Now, we have the duty to transform the European Union into a fair and prosperous economy by making it Carbon Neutral by 2050. Digitalization of the physical assets is the first step to meet the EU Green Deal objectives, thus providing real time visibility over the environment where we live.
According to the EU Green Deal Directive, “accessible and interoperable data streams are at the heart of the data-driven innovation” that will bring Europe to a new sustainable economic growth.
In fact, ‘the value of data lies in its use and re-use’ (EU COM(2020) 66 final), but current business models link an IoT data source – e.g. a smart meter – to a single application & stakeholder – e.g. billing & a Utility. This strongly limits data value – both for the company that collects data and for the customer who generates it.
Energy players should deploy collaborative Energy Data Streams Marketplaces where interoperable data streams coming from both domestic and industrial devices are made available in real time to a variety of cross-sectors Business and Institutional Partners – in a controlled and GDPR compliant manner – thus enabling more sustainable decisions and new data-driven products and services.
Smart meters and the digitalization of the energy sector
Smart meters are fundamental for the European strategy toward a low-carbon energy future. Smart metering is designed to provide utilities, on a real time basis, with customers’ information about their domestic or business energy consumption. This information includes data about how much electricity they are consuming, how much it is costing them and what impact their consumption is having on greenhouse gas emissions.
Since 2020, the EU has been observing the second highest smart meter penetration rate, after North America. The diffusion of smart metering systems has been progressing at various rates across the European Countries since 2001, when the large-scale roll-out started in Italy. At the end of 2018, approximately 44% of customers had a smart electricity meter and the penetration rate is expected to reach 58%–71% by 2023.
According to EU guiding principles, any smart metering system should improve data-driven customer service by providing data directly to customers and any third party designated by them (European Commission 2012/148/EU). In doing this, data ownership should be ensured, as established by the EU GDPR.
Energy Data Streams Marketplaces
As many European smart metering projects are now completed, utilities are becoming increasingly occupied with how to maximise the value of their metering infrastructure by enabling a range of new applications and services based on consumers’ punctual energy consumptions and behaviour monitoring.
Only by implementing a decentralized data sharing governance layer, where the rightful data owners have full control over third party access to their data, and are rewarded for sharing it, entirely new business models will be possible. And this is what the EcoSteer Data Ownership Platform does.
Based on end-to-end encryption and blockchain smart contracts, the EcoSteer Data Ownership Platform allows energy companies to deploy Data Streams Marketplaces where real time data streams generated by consumers’ smart meters can be shared with multiple Data Users – such as energy efficiency companies, insurance companies and home appliance manufacturers; Data Owners, whether they are individuals or businesses, not only can grant and revoke the consent to use their data to chosen Data Users anytime, but they are also rewarded for data sharing. They can exchange their data with tokens that can be spent to buy products & services offered by Data Users.
Utilities Data Streams Marketplaces will enable the creation of Smart Energy communities, transforming passive ‘consumers’ into active ‘prosumers’ who contribute to a new sustainable value chain.
Thanks to EcoSteer technology, the possibility to build decentralized, trustworthy and natively interoperable energy data marketplaces will support the creation of a “EU fair and prosperous society, with a modern, resource-efficient and competitive economy […] where economic growth is decoupled from resource use” (EU Green Deal).