Australia’s Power Ledger announced a partnership with Thai Digital Energy Development (TDED) on May 25 to create a blockchain-based renewable energy platform.
The platform will enable peer-to-peer (P2P) environmental energy trading to accelerate the adoption of renewable energy sources. Thailand aims to generate 25% of its electricity from renewable energy by 2037.
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The public and private sectors work as a team
Power Ledger’s proposals to develop blockchain-based transactional energy include P2P power trading and virtual power plants, along with trading of carbon credits and Renewable Energy Certificates (RECs).
TDED is a public/private sector joint venture between the Thai energy authorities and BCPG specialists. The partnership with Power Ledger will apply blockchain technology to manage four clean energy projects proposed by BCPG, including energy and carbon management at Chiang Mai University’s 12MW Smart Campus.
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Power Ledger has been working with BCPG since 2018
, when it launched a trial of P2P energy trading, similar to one of the central sites in Bangkok.
Power Ledger’s head of business development and sales, Vinod Tiwari, told Cointelegraph that the trial showed the „potential of using blockchain-based energy trading as an incentive“ to accelerate the deployment of solar technology on the rooftop.
He believes Thailand’s focus on investment in renewable energy, along with his company’s technology, can help the country achieve its goal of running on 25% renewable energy by 2037:
„The platform acts as an innovative operating system and enabler in transforming centralized distributed energy markets to hybrids, supported by renewable energy and distributed energy resources. This unique market-based approach acts as an incentive to accelerate distributed energy resources and renewable energy deployment in communities and helps achieve a country’s national renewable energy goals.
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The proposal is open to others in the market
The company is also interested in using the partnership framework with TDED to reach out to other energy market participants in Thailand, who may also want to use blockchain technology in energy trading.
Power Ledger’s TraceX REC trading platform will be deployed in Thailand this year, providing a marketplace for generators and buyers of carbon credits and RECs. It will also enable individuals and organizations that produce and consume energy to trade and sell excess energy within their local neighborhood.
As previously reported by Cointelegraph, Power Ledger last month signed an agreement to implement its energy trading platform in Western Australia.