Under the partnership Power Ledger and TDED - a subsidiary of Thailand's Provincial Electricity Authority (PEA) and renewable power company BCPG Group - will jointly create a blockchain-based digital energy business developing peer-to-peer energy trading and environmental commodity trading solutions in Thailand.
The Perth-based Power Ledger says the new partnership expands its foothold in Thailand, with aims to generate 25% of its electricity from renewable energy sources by 2037.
“Blockchain enabled transactive energy solutions including peer-to-peer (P2P) energy trading, virtual power plants as well as renewable energy certificates and carbon credits trading will be the key to establishing economically viable renewable energy markets,” said Power Ledger’s Co-Founder and Executive Chairman Dr Jemma Green.
“Our partnership with TDED will allow us to accelerate our efforts to promote distributed digital energy markets in Thailand.”
The collaboration will see the application of blockchain technology to manage energy at four BCPG Group clean power projects, which have been included in a “Sandbox Project” to accelerate renewables by Thailand’s Office of Energy Regulatory Commission - with. one of the first projects focusing on energy and carbon management at the 12MW Smart Campus at Chiang Mai University in Thailand’s north.
“Power Ledger is among the very first pioneers to apply blockchain technology in peer-to-peer energy trading and trading RECs. Such expertise in state-of-the-art technology will help materialize TDED’s goal in the development of digital energy products and services, as well asmaking clean energy more accessible to people,” said Bundit Sapianchai, President of BCPG and TDED.
Dr Green said the partnership with TDED strengthens Power Ledger’s relationship with TDED’s JV partner BCPG, extending the partnership with a mission to create renewable energy capacity with other companies throughout Thailand.
“We are keen to work with energy market participants across Thailand to establish new projects, so we would love to use the TDED framework to establish new relationships and partnerships with energy companies wanting to use blockchain energy trading technology,” said Dr Green.
“Power Ledger has been working with BCPG in Thailand since 2018, when it launched a P2P energy trading trial in the heart of Bangkok, Thailand across the T77 precinct. This marked the first time renewable energy was ever exchanged in a P2P environment in Asia.
With this track record and the new partnership in place, Power Ledger and TDED will now co- develop innovative products and services based on blockchain technology in peer to peer electricity trading and environmental commodity trading for the Thai market.”
Power Ledger’s blockchain-enabled platform facilitates P2P energy trading between “prosumers” - people and organisations who can be both energy producer and consumers, while selling the excess energy to their local neighborhood via the digital platform.
Power Ledger said its TraceX REC trading capabilities on its platform will be deployed in Thailand this year, which will provide a marketplace for renewable energy certificates and carbon credits trading between generators and buyers.
According to Power Ledger, the partnership solidifies its “market leading position” in Thailand for renewable energy trading, and underscores its efforts across the ASEAN region, including projects in Japan with utility KEPCO and a separate project with Sharing Energy and eRex and in Malaysia with SEDA.