Australian company Power Ledger has announced the imminent launch of a blockchain platform for renewable energy trading in Thailand and Southeast Asia.
The platform is based on joint developments with the Thai renewable energy firm BCPG. One of the earliest Power Ledger and BCPG projects was tested back in 2018, when the firms conducted a pilot green energy sale in the central Bangkok region.
Power Ledger continued to work with BCPG and later was joined by Thai Digital Energy Development (TDED) to help develop the blockchain-based TraceX REC platform. The platform was developed for the transition to clean energy in Bangkok.
The platform has been successfully tested, so firms intend to use it not only in Thailand, but also in Southeast Asia. BCPG plans to sell Renewable Energy Certificates (REC), with the entire process of issuing, selling and expiring certificates being recorded on the blockchain. Each REC certificate issued will certify that 1 megawatt of electricity is indeed sourced from green sources. Such certifications will help various organizations and governments move more quickly to renewable energy sources. In turn, this will help reduce carbon dioxide emissions into the atmosphere.
“Organizations want to make sure that all purchased REC certificates have not yet been used. Firms are also interested in fast transactions. Therefore, the blockchain-based platform will enable transparent, secure and traceable energy trading without the need for intermediaries, ”added Power Ledger co-founder and executive chairman Jemma Green.
Late last year, Power Ledger began testing a solar energy trading project with the Indian state of Uttar Pradesh and partnered with Powerclub to deploy its technology in South Australia.
