June 18, 2024

Kansai Electric Power Tests Blockchain for Renewable Energy Trading

Japanese Energy Company Kansai Electric Power Will Begin Testing a Blockchain-Based System for Tradingrenewable energy with the participation of the Australian cryptocurrency firm Power Ledger.

In May this year, the Ministry of Economy and Tradeand Japan’s industry has decided to continue selling non-fossil fuel (NFV) certificates, which indicate the amount of energy received from renewable sources.

NFV allow you to check which power plantscontribute to the preservation of the environment and the development of environmentally friendly industries, along with the usual certificates confirming the generation of electricity using renewable energy sources (REC).

So Kansai Electric Power willuse the Power Ledger platform to track, trade and calculate the energy that is generated by solar systems. Companies said the system will be tested this month, and results will be summed up in March.

Blockchain allows you to track certificates onthroughout their life, reducing the likelihood of their reuse. In addition, energy producers can sell its surplus on the platform, and consumers can purchase green energy at a low price.

In addition, Kansai Electric Power customers will be able topresent a certificate in the event of claims from the nonprofit organizations Climate Group and the Carbon Emission Disclosure Project (CDP) leading the RE100 environmental initiative.

Recall that in November Power Ledger concludeda partnership with Powerclub, a South Australian energy trading company, has also begun testing a solar energy trading project with the Indian state of Uttar Pradesh.