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Bitcoin, Blockchain, and the Energy Sector the federal government. For Bitcoin mining facilities, reportedly little is known about their operations, including power usage effectiveness.130 Options for Federal Regulation of Blockchain Technology for Distributed Energy Rules and regulations governing the retail sale of electricity generally originate with a state public utility commission. An electric utility is defined in federal law as any person, state, or federal agency “which sells electric energy.” Definitions may be found in Public Utility Regulatory Policies, 16 U.S.C. Section 2602. This definition could potentially be interpreted that generators of electricity that make energy trades using blockchain technology are electric utilities by virtue of the fact that they sell electricity, and are therefore subject to all laws, requirements, and regulations pertaining to electric utilities. Congress may choose to consider extending or clarifying FERC’s role regulating blockchain technology use in the energy sector. While blockchain could be implemented as a means to validate peer-to-peer distributed electricity trading, these transactions could potentially still be subject to FERC oversight as engaging in a sale for resale. Applications of blockchain technology in the energy sector have been limited in scope to date; wide-scale adoption of blockchain technologies could pose additional vulnerabilities to grid operations. FERC may also have a role in considering whether the existing grid infrastructure is capable of handling more power movement at high speeds in response to blockchain users’ transactions.131 Other potential issues could include data privacy, interoperability of technology solutions, and market structure.132 FERC has not issued guidance or announced standards associated with blockchain technologies. Within this context, utilities and industry groups may interpret the lack of guidance as a signal to continue business as usual.133 130 Alex de Vries, “Bitcoin’s Growing Energy Problem,” Joule, vol. 2 (May 16, 2018), p. 802. 131 Mark Sundback, James Gatto, et al, “Considering the Blockchain in the Electricity Industry,” Law360, November 7, 2018. 132 Merlinda Andoni, Valentin Robu, and David Flynn, et al., “Blockchain Technology in the Energy Sector: a Systematic Review of Challenges and Opportunities,” Renewable and Sustainable Energy Reviews, vol. 100 (2019), pp. 166-167. 133 The North American Energy Standards Board (NAESB) identified the development of an industry standard for a digital representation (blockchain) of natural gas trade events as a priority in the 2019 annual plan; see NAESB, “Current 2019 WGQ Annual Plan,” http://www.naesb.org/pdf4/wgq_2019_annual_plan.docx. The planned standard is intended to be consistent with NAESB Wholesale Gas Quadrant Standard No. 6.3.1—NAESB Base Contract for Sale and Purchase of Natural Gas—which FERC incorporated by reference as part of a final rule on the Standards for Business Practices of Interstate Natural Gas Pipelines, which was published in the Federal Register on December 3, 2018; see FERC, “Standards for Business Practices of Interstate Natural Gas Pipelines,” 83 Federal Register 62242, December 3, 2018. Congressional Research Service 23PDF Image | Bitcoin, Blockchain, and the Energy Sector 2019
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