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Business & FinanceSpotlight

Blockchain Startup that Provides Clean Energy Solutions is Testing its Project in Thailand

The reserves of energy in nature are no doubt over abundant, but there have been a few to little organizations who have taken initiative to utilize these resources to stop a global catastrophe from happening. Nevertheless as the number of researchers detesting the exploration of coal mines to harness electrical power is increasing, more and more organization have been coming overboard the consumption of power produced by renewable sources. One recent development has been that in Bangkok, Power ledger has partnered with BCPG, a Thai renewable energy business, to bring forth world’s first peer-to-peer renewable energy trading trial at the T77 urban precinct. T77 is located off Bangkok’s famous Sukhumvit and covers 8-hectares of area. It is referred to as the “brainchild” of the Thai developer Sansiri and provides solutions to Thai and international communities alike.

Power ledger is a software house that has been the provider of blockchain solutions to empower and provide individuals and communities with access to low-cost, reliable and renewable energy. Its flagship peer-to-peer trading solution enables people to share electricity produced by their own energy assets with their neighbors. Power Ledger and BCPG made an agreement in last December and have started to execute the first of many steps to come.

This trial has been set up in order to demonstrate to organizations in Thailand as well as in ASEAN, that this platform can seamlessly support efficient trade of renewable energy. In addition to that, the cost of this guilt-free energy provided will be lower in comparison. In this test run, total power capacity that will be supported by Power Ledgers P2P platform will be 635KW. This energy will be distributed across the network to four participating entities at T77. The participants in the energy trade are as follows,

  • The Habito shopping mall
  • Bangkok International Preparatory & Secondary School
  • Park Court Serviced Apartments
  • Dental Hospital Bangkok

The BCPG will be in charge of designing and installing connections, meters and solar PV, whereas Power Ledger will be responsible for providing the underlying blockchain technology as the transactive layer. The energy transactions between clients will be monitored through the blockchain using 18 meter points. Power Ledger will also be charged with the task to generate invoicing and evaluate trading position of individual participants.

This platform will also be utilized by the Metropolitan Electricity Authority (MEA) in order to provide access to their network for transaction of energy and monitor metering data from the blockchain for billing customers.

In addition, BCPG has also instantiated an agreement with the MEA in order to conduct research about power distribution systems. Over the next two years, they also plan to develop solar PV rooftops. According to a MEA spokesperson,

The MEA forecasts P2P energy trading to become mainstream for power generation in the long run.

Through this trial, Power ledger and BCPG aim to demonstrate to Thai as well as the ASEAN markets and their regulatory bodies that they can introduce clean and low cost energy systems to masses that own digital assets and wish to share them by leveraging it on a blockchain platform that would ensure a profit for them and would enable others to access cheap and green energy.

The company plans to deploy this solution across 31 other projects by housing a power generation capacity of 2MW over a 3-year period that is if their trial is successful.

While sounding really hopeful about the trial project, Power Ledger Managing’s director David Martin said,

This trial will showcase how our world-leading blockchain technology can provide secure, trustless and immutable transactions of renewable energy between participants. Importantly, having a utility allow the physical transaction of energy inside the T77 precinct is an important step towards our aim of providing individuals with the ability to sell their excess renewable energy. Thailand is a regional showcase for the integration of distributed renewable energy technologies and we’re really pleased to be working with BCPG and the Thai authorities to help identify the path towards a low-carbon energy future.

Power Ledger is dedicated to provide low cost and clean energy solutions to its clients. Through this testing period, they will be able to evaluate the potential errors and threats in this project if any exist. If they are able to conduct this successfully, it could truly reform the process of energy distribution within the communities.

Hassaan Malik

Co-founder of BlockPublisher, Hassaan is a technologist at heart with a keen interest in blockchain, cryptos and traditional financial markets. Email: hassaan@blockpublisher.com, hassaanmalek@gmail.com

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