The Australian Power Ledger company has announced the imminent launch of a blockchain-based platform for trading renewable energy in Thailand and Southeast Asia.
The platform is based on joint developments with the Thai firm BCPG, which works with renewable energy sources. One of the earliest projects of Power Ledger and BCPG was tested back in 2018, when the firms conducted a trial deal to sell “green” energy in the Central region of Bangkok.
Power Ledger continued to work with BCPG, and later joined Thai firm Thai Digital Energy Development (TDED) to participate in the development of the TraceX REC platform based on the blockchain. The platform was developed for the transition to clean energy in Bangkok.
The platform has been successfully tested, so the 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 terminating certificates being recorded in the blockchain. Each issued REC certificate will confirm that 1 megawatt of electricity is actually obtained from “green” sources. Such certificates 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 been used yet. Firms are also interested in making deals quickly. Therefore, the blockchain-based platform will provide transparent, secure and traceable energy trading, without the involvement of intermediaries, ” added Jemma green, co-founder and Executive Chairman of Power Ledger.
At the end of last year, Power Ledger began testing a solar energy trading project with the Indian state of Uttar Pradesh, and also partnered with Powerclub to introduce its technology in South Australia.