Blockchain technology has found lot many takers owing to its versatility and how it can cater to a number of applications. Thailand is adopting the blockchain route to give a boost to its solar energy initiatives as well as making peer-to-peer trading renewable energy trading a reality in the country.
Thailand-backed renewable energy developers BCPG have joined hands with Power Ledger to bring peer-to-peer renewable energy trading in to the country with solar energy being the first to be adopted for the model.
One of the primary reasons behind Thailand adopting the renewable energy route is the pace at which the country is developing. Increased development means a substantial increase in energy needs and that calls for finding new ways to not only fulfill the energy demand, but to find ways that are sustainable as well as environment friendly. Solar energy is the obvious choice because of this.
According to projections, the P2P renewable energy grid is expected to supplement the already strained power plants currently supplying the country’s electricity demands. The plan will ease the country’s electricity needs and will also overcome a myriad of other problems.
BCPG and Power Ledger have revealed their plans about how they will implement what they have put on paper. The two companies propose installing solar panels in 6-10 multi-story buildings ranging from housing units, schools, hospitals, and malls, among others.
According to the two companies, the P2P renewable energy project will be profitable in two key aspects. First, it will ease the government’s financial burden of building more power plants. Second, participants will be able to trade energy among themselves – Power Ledger’s energy trading platform will enable participants to trade between 1MW and 2MWs of embedded solar energy.
The Thai government will rely on Power Ledger’s reputable energy trading platform to accomplish this. BCPG, on the other hand, has been tasked with selecting the ideal Thai bank that will provide autonomous financial settlement for these transactions.