Australian blockchain pioneer Power Ledger is partnering with renewable energy business BCPG and Thai Digital Energy Development (TDED) to create a renewable energy certificate (REC) marketplace for the Southeast Asia region.
BCPG is seeking to sell its RECs in Thailand and the broader Southeast Asia marketplace. These will be based on meter readings derived from Power Ledger’s renewable trading platform. The P2P platform has been deployed so far, in the first stage of the project, across the T77 urban precinct in the Sukhumvit district of Bangkok.
The process of issuing, trading and retiring the RECs will be recorded on the P2P platform. The blockchain technology provides a secure and accountable means to audit and streamline the buying and selling of renewable energy.
The project is a first for the region and Power Ledger’s third REC initiative. A collaboration was launched in January together with the Midwest Renewable Energy Tracking System (M-RETS) and Clearway Energy Group to develop a blockchain-based REC marketplace in the US.
Power Ledger also has been trialling REC tracking along with solar energy trading with KEPCO in Japan.
“Power Ledger and BCPG are 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,” says Power Ledger co-founder and executive chairman Dr Jemma Green.
The RECs will be based on the International REC Standard (I-REC). Each REC issued by I-REC represents 1MWh of renewable energy. I-REC is currently recognised in several countries across Asia, Africa, the Middle East and Latin America.
BCPG is the renewable energy arm of BCP Group with solar, wind, hydro and geothermal power businesses in Thailand, Japan, Laos, Vietnam, the Philippines and Indonesia. TDED is a joint venture between Thai Provincial Electricity Authority (PEA) subsidiary PEA ENCOM International and BCPG.
Power Ledger is involved in several peer-to-peer renewable trading projects in Asia, the US, Europe and Australia. The collaboration with TDED is to develop a blockchain-based digital energy business in Thailand.
The energy transition is a hot topic disrupting the utility industry in Asia and will be a key focus at Enlit Asia which takes place in Jakarta, Indonesia from 23-25 March. For more details click here.