First in South East Asia: BCPG and Power Ledger
Mr. Bundit Sapianchai, President, BCPG Public Company Limited and Mr. David Martin, Managing Director and one of the founders of Power Ledger Australia, have signed a Memorandum of Understanding to use "Blockchain Technology" to peer-to-peer renewable energy trading to Thailand, the first in Southeast Asia.
Mr. Bundit Sapianchai, BCPG’s President, said that the company has entered into a full-scale trading of electricity via internet of energy via the Internet using Blockchain Technology. By signing the agreement with Power Ledger from Australia, the peer-to-peer electricity trading is expected to be operational in early 2018.
"Innovation is at the heart of BCPG. And we are excited to be working with Power Ledger, the leading peer-to-peer marketplace for renewable energy from Australia. Using blockchain technology, the platform provides a transparent, auditable and automated market trading and clearing mechanism for residential and commercial businesses. This will help reduce the government's investment in building large-scale power plants to meet the growing demand for electricity and at the same time offer customers and consumers a greater choice of electricity from renewable energy in the form of Peer-to-Peer energy trading. Not only can they generate electricity by themselves which help save their bills, they can also make revenue from the sale of excess electricity. Our project covers diverse groups of participants, from housing untis to malls, schools, hospitals, industrial estates, to name but a few.”said Mr. Bundit.
Power Ledger Managing Director, David Martin said coupling on-site renewable energy generation with peer-to-peer trading allowed communities the opportunity to maximise the value of their renewable energy investment while sharing low-carbon benefits with neighbouring consumers.
“Renewable microgrid developments allow for the efficient installation and operation of generation capacity close to consumers, we’re really proud to be working with BCPG to bring this technology to South East Asia. "Blockchain technology will change the world by disintermediating complex transactions enabling peer-to-peer, real-time transactions to take place in any market. For us, this means disrupting the energy industry without destroying its value. Most mature energy markets require third-party reconciliation and settlement. In distributed energy markets the blockchain provides fast, trustless settlement so we can pin the financial transaction to the physical transaction.” Mr Martin said.
Both executives are confident that strategic partnership from the synergy between BCG as a leading player in renewable energy and Power Ledger, a leader in energy trading innovation, will help strengthen their leadership in the renewable energy market with great potential to transform the energy business in the long run in the future. And this is not limited to Thailand, as the companies aim to expand their businesses much further in different countries in the Asia-Pacific region.