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Power Ledger Announces Plans to Create Renewable Energy Credit Marketplace in SE Asia

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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.

Thailand to Leverage Blockchain to Promote Use of Green Energy

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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.