Innovative Business Models Towards Sustainable Energy Development: Assessing Benefits, Risks, and Optimal Approaches of Blockchain Exploitation in the Energy Transition

Aikaterini Papapostolou (), Ioanna Andreoulaki, Filippos Anagnostopoulos, Sokratis Divolis, Harris Niavis, Sokratis Vavilis and Vangelis Marinakis
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Aikaterini Papapostolou: Decision Support Systems Laboratory, School of Electrical & Computer Engineering, National Technical University of Athens, 15780 Zografou, Greece
Ioanna Andreoulaki: Decision Support Systems Laboratory, School of Electrical & Computer Engineering, National Technical University of Athens, 15780 Zografou, Greece
Filippos Anagnostopoulos: Institute for European Energy and Climate Policy (IEECP), 1043 GR Amsterdam, The Netherlands
Sokratis Divolis: Decision Support Systems Laboratory, School of Electrical & Computer Engineering, National Technical University of Athens, 15780 Zografou, Greece
Harris Niavis: Inlecom Group, 1000 Brussels, Belgium
Sokratis Vavilis: Inlecom Innovation, 14561 Athens, Greece
Vangelis Marinakis: Decision Support Systems Laboratory, School of Electrical & Computer Engineering, National Technical University of Athens, 15780 Zografou, Greece

Energies, 2025, vol. 18, issue 15, 1-45

Abstract: The goals of the European Union towards the energy transition imply profound changes in the energy field, so as to promote sustainable energy development while fostering economic growth. To achieve these changes, the incorporation of sustainable technologies supporting decentralisation, energy efficiency, renewable energy production, and demand flexibility is of vital importance. Blockchain has the potential to change energy services towards this direction. To optimally exploit blockchain, innovative business models need to be designed, identifying the opportunities emerging from unmet needs, while also considering potential risks so as to take action to overcome them. In this context, the scope of this paper is to examine the opportunities and the risks that emerge from the adoption of blockchain in four innovative business models, while also identifying mitigation strategies to support and accelerate the energy transition, thus proposing optimal approaches of exploitation of blockchain in energy services. The business models concern Energy Performance Contracting with P4P guarantees, improved self-consumption in energy cooperatives, energy efficiency and flexibility services for natural gas boilers, and smart energy management for EV chargers and HVAC appliances. Firstly, the value proposition of the business models is analysed and results in a comprehensive SWOT analysis. Based on the findings of the analysis and consultations with relevant market actors, in combination with the examination of the relevant literature, risks are identified and evaluated through a qualitative assessment approach. Subsequently, specific mitigation strategies are proposed to address the detected risks. This research demonstrates that blockchain integration into these business models can significantly improve energy efficiency, reduce operational costs, enhance security, and support a more decentralised energy system, providing actionable insights for stakeholders to implement blockchain solutions effectively. Furthermore, according to the results, technological and legal risks are the most significant, followed by political, economic, and social risks, while environmental risks of blockchain integration are not as important. Strategies to address risks relevant to blockchain exploitation include ensuring policy alignment, emphasising economic feasibility, facilitating social inclusion, prioritising security and interoperability, consulting with legal experts, and using consensus algorithms with low energy consumption. The findings offer clear guidance for energy service providers, policymakers, and technology developers, assisting in the design, deployment, and risk mitigation of blockchain-enabled business models to accelerate sustainable energy development.

Keywords: distributed ledger technology; SWOT analysis; digitalisation; risk mitigation (search for similar items in EconPapers)
JEL-codes: Q Q0 Q4 Q40 Q41 Q42 Q43 Q47 Q48 Q49 (search for similar items in EconPapers)
Date: 2025
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