Uttar Pradesh has launched India and South-Asia’s first blockchain-enabled ‘peer to look’ (P2P) buying and selling platform for rooftop solar energy.
The Uttar Pradesh Energy Company (UPPCL), Madhyanchal Vidyut Vitran Nigam Restricted (MVVNL), and Uttar Pradesh New and Renewable Vitality Improvement Company (UPNEDA) are internet hosting the first-of-its-kind pilot undertaking, involving power generated from photo voltaic rooftop programs put in on buildings in Lucknow.
India Good Grid Discussion board (ISGF), together with blockchain expertise associate Power Ledger, Australia, and Abajyon Consulting, will execute the undertaking.
Final yr, the Uttar Pradesh Electrical energy Regulatory Fee had approved a pilot undertaking for transactions of energy from rooftop photo voltaic programs utilizing blockchain-based expertise. It had then said that underneath this pilot undertaking, authorities buildings or customers would perform peer-to-peer transactions for the buying and selling of rooftop solar energy. The charges for the blockchain expertise will likely be recovered within the account price of return (ARR) of the involved distribution licensee. By utilizing blockchain expertise, members can switch funds, settle trades, or vote with out searching for the approval of the central certifying authority.
The P2P buying and selling platform’s first 12 members would comprise 9 prospects with rooftop photo voltaic (prosumers) and three prospects with out rooftop photo voltaic (web patrons), recognized in session with MVVNL. The members will interact in mock buying and selling (no cash transactions) for the subsequent three months, throughout which ISGF will check out completely different buying and selling algorithms.
“The pilot undertaking will show the feasibility of rooftop photo voltaic power buying and selling by good contracts on the blockchain platform between prosumers and their neighboring households. Energy Ledger’s platform integrates the transaction information from the good meters to allow households to set costs, monitor power buying and selling in real-time and allow the settlement of surplus photo voltaic power transactions,” ISGF president Reji Kumar Pillai mentioned.
The shoppers have been skilled on the blockchain platform’s functionalities and the procedures that should be adopted to take part within the buying and selling actions by way of on-line coaching periods held by ISGF.
The pilot undertaking’s outcomes and proposals will likely be submitted to UPPCL and UPERC for framing of rules to advertise P2P buying and selling of rooftop solar energy amongst prosumers and customers within the state.
To advertise improvements and peer-to-peer power transactions utilizing blockchain expertise between the rooftop photo voltaic prosumers, the state had earlier introduced the idea in its Rooftop Photo voltaic PV Grid Interactive Techniques Gross/Internet Metering) Laws 2019 issued in January 2019.
Blockchain-based expertise has been gaining rising reputation globally.
An analogous pilot undertaking was launched for P2P renewable power buying and selling in Singapore in July this yr by Senoko Energy and supported by Electrify and Engie Manufacturing unit of France. The undertaking permits Singapore companies and households to enroll in Electrify’s P2P buying and selling platform by SolarShare, a Senoko Vitality service providing.
Final yr, Singapore’s SP Group, an power utility group, launched one of many world’s first blockchain-powered renewable power certificates marketplaces on the Affiliation of Southeast Asian Nations (ASEAN) Vitality Enterprise Discussion board.
Earlier, Mercom reported that Swytch, a U.S.-based blockchain-driven clear power firm, signed a take care of Chuncheon, the capital of Gangwon Province in South Korea, to cut back carbon emissions within the metropolis.
Rahul is a employees reporter at Mercom India. Earlier than coming into the world of renewables, Rahul was head of the Gujarat bureau for The Quint. He has additionally labored for DNA Ahmedabad and Ahmedabad Mirror. Hailing from a banking and finance background, Rahul has additionally labored for JP Morgan Chase and State Financial institution of India. More articles from Rahul Nair.
