Australian blockchain company Power Ledger is teaming up with Thailand to leverage blockchain technology to set up a digital energy company in the Asian nation. Power Ledger announced on 25 May a new partnership with Thai Digital Energy Development (TDED) – a public-private joint venture – to develop Thailand ‘s digital energy platform.
The new platform will make it easier for environmental commodities and peer-to-peer energy trading to promote the adoption of renewable energy sources. Indeed, by 2037, the country plans to produce 25% of its electricity from renewable energy sources.
Thailand leverages blockchain to advocate the use of green energy
TDED is a joint venture between a public agency, Thai energy authorities, and a private renewable energy company named BCPG. Collaboration with the Australian blockchain firm will take advantage of the blockchain technology used by BCPG; run four of its clean power projects, such as energy and carbon management; and run 12MW Smart Campus at Chiang Mai University.
In addition, Power Ledger’s transactive energy solution, based on blockchain, includes P2P energy trading and virtual power plants, as well as the use of renewable energy certificates (REC) and carbon credits for trading. Indeed, Power Ledger and BCPG have been working together for about two years now, and have even set up a similar peer-to-peer energy trading trial within Bangkok ‘s central confines.
Partnership structure open for new partners in the energy business to join
Furthermore, Power Ledger is also keen to leverage the BCPG partnership structure to reach other energy market participants in Thailand, who may be interested to use its energy trading technology based on blockchain.
Later this year, the Australian blockchain firm will introduce its TraceX REC trading platform giving carbon credits and RECs traders a market place. In addition, the platform will facilitate P2P trading for individuals who both generate and use energy; and sell excessive energy within their locality.