There is good news coming to Thailand soon as electricity will now be distributed and traded using blockchain technology. BCPG, a set-listed renewable power section of oil refiner and retailer Bangchark corporation plc (BCP) is planning to utilize blockchain technology to distribute and trade electricity in Thailand.
BCPG signed an agreement with perth-based power ledger company recently in Bangkok to bring peer-to-peer renewable energy trading to Thailand. The president and chief executive of BCPG Mr Bundit Saipianchai said BCPG plans to set up the first micro-grid in Bangkok, which will be the first of its kind in Southeast Asia.
The power ledger energy trading platform allows managers of buildings or building owners to trade renewable energy from solar panels installed at each building with autonomous financial settlement system that will be enabled with the use of a secure banking interface.
The project will consist of residential and commercial buildings, it will also include shopping mall, international schools, apartments and hospital with solar rooftop installations, which is estimated to generate around 1 -2 megawatts. The T77 project rai, the first project with a distributed power grid is expected to start operations fully by mid-2018.
Mr Bundit also explained that the power generated from the micro-grid would be set at a rate that will make it very competitive with power bought from state utilities. He also said that BCPG also plans to expand the project so as to reach other commercial and industrial parks.
BCPG and its parent company BCP plans to develop solar rooftops and micro-grids next year, about 50–100 such system will be installed at BCP petrol stations. It could be recalled that BCP operates more than 1,200 petrol stations nationwide. This will help the government save some cost in building large-scale power plants to meet the growing demand for electricity, while at the same time offers consumers greater choice in electricity from renewable energy that comes in the form of peer to peer energy trading. It equally has great health benefits since it will allow communities to maximize the value of their renewable energy investments while enjoying zero carbon benefits with neighboring consumers.
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