30 Nov 2017 | 12:08 pm | 1 min. read
The international law firm Pinsent Masons has advised Wuppertaler Stadtwerke (WSW) on the introduction of its first Blockchain-based trading center for green electricity.
Wuppertaler Stadtwerke (WSW) is the first German energy provider to introduce a Blockchain-based online trading center for green electricity. Green electricity producers and customers are brought together on the "Tal.Markt". The platform allows local green electricity providers to offer and market their self-generated energy where customers can buy their electricity and compile their own energy mix every fifteen minutes. WSW, the operators of Tal.Markt, ensures that customers are supplied with electricity even when the green electricity producer is unable to supply enough electricity due to bad weather.
The Tal.Markt is based on Blockchain technology, which enables the secure completion of contracts over the internet. In addition, the blockchain technology ensures that every kilowatt hour of green electricity is only sold once to the respective customer. This is the first time that customers can independently select their electricity producer and have real proof of where the delivered electricity is produced.
Pinsent Masons advised WSW on the contract and energy law issues in relation to the implementation of diverse innovative business models and "Tal.Markt". Due to the technological complexity of the "Tal.Markt", Pinsent Masons also advised on data protection and regulatory aspects of the deal.
The Pinsent Masons team advising Wuppertaler Stadtwerke comprised: Dr. Sönke Gödeke (Partner, Energy, Corporate/Commercial, Düsseldorf, lead management), Dr. Thorsten Volz (Partner, Energy, Düsseldorf), Marc Holtorf (Partner, Intellectual Property, Munich), Sebastian Jördening, Dr. Valerian von Richthofen, Kai Paterna, Alexander Schmiegel
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