Heralded as the next chapter in smart technology, many startups, as well as big firms are now gearing up to unlock the potential that blockchain holds to bolster the shift to green energy.
In recent developments, Australia-based energy trading company Power Ledger and Thai renewable energy company BCPG have announced plans to expand their long-standing partnership with the launch of the Renewable Energy Certificate [REC] market for Thailand and South East Asia.
BCPG is the renewable energy arm of the Thai state-controlled energy firm, the BCP Group which operates in a number of Southeast Asian countries, including Vietnam and Indonesia.
According to the official announcement, BCPG will generate RECs based on meter readings derived from Power Ledger’s peer-to-peer [P2P] platform already in use by the Thai company. In addition, the entire process of issuing, trading, as well as retiring RECs will be stored on Power Ledger’s blockchain.
Power Ledger also claims to be able to process high-volume REC transactions, which can help companies meet their greenhouse gas emission targets.
Dr. Jemma Green, who is the Power Ledger Co-Founder and Executive Chairman said,
“Power Ledger and BCPG are creating the first REC marketplace of its kind in Asia, bridging the gap between buyers and sellers by providing an end-to-end solution that tracks REC generation, trading and retirement through one integrated online system without the need for a broker.”
The blockchain energy firm had previously partnered with the Midwest Renewable Energy Tracking System [M-RETS] in a bid to launch a REC marketplace in the United State. Green further revealed that Power Ledger was looking forward to building on the work in the United States and deploy a similar model in the wider Asian market.
The two firms have previously worked together in a number of initiatives. One such project is the P2P energy trading network in the T77 urban precinct in Bangkok that dates back to 2018.
Similarly, Power Ledger has previously worked alongside Japanese energy firm Kansai Electric Power Company [KEPCO] to promote green energy use by creating and tracking renewable energy certificates along with solar energy trading.