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GE Power has announced that it joined a study to look into the potential of blockchain technology in energy industry application.
Launched by German energy agency Deutsche Energie-Agentur (dena), the study – entitled “Blockchain in the integrated energy transition” – will explore whether blockchain applications can be operated economically and reliably in energy industry use cases. It will evaluate the added value of blockchain compared to alternative systems and determine its technical and economic limits.
According to a press release dated October 11, GE and other study participants have identified use cases – including asset and management and energy trading – and will conduct simulation studies around them. The results will be published by dena in 2019.
“Blockchain is rapidly evolving and has the potential to be an enabling technology for the future grid, and as an industry we should continue to explore its applications,” noted Steven Martin, chief digital officer for GE Power. “By participating in dena’s study, we will experiment to identify the exact qualitative and quantitative value add of blockchain in enabling a decentralized, efficient and intelligent grid.”
GE Power, a subsidiary of General Electric (GE), is a provider of technology, solutions and services across the entire energy value chain from the point of generation to consumption.
On October 30, GE announced its plans to reorganize Power to improve cost structure, enhance execution agility, and drive better outcomes for customers and investors. The announcement comes as GE reported its third quarter 2018 results.
“The Company reported a loss of $2.63 per share from GAAP continuing operations. As summarized in the attached reconciliation, adjusted earnings per share (non-GAAP) were $0.14, down 33 percent from the same period in 2017. The Company recorded a non-cash goodwill impairment charge of $22 billion, before tax, related to GE Power,” the release said.
According to Bloomberg, the U.S. Securities and Exchange Commission (SEC) is deepening its probe into the company’s accounting to look at the $22 billion charge.
GE said that intends to create two units — a unified Gas business combining GE’s gas product and services groups, and a second unit constituting the portfolio of GE Power’s other assets including Steam, Grid Solutions, Nuclear, and Power Conversion.
