Largest Indian State to Pilot Blockchain-Based Solar Energy Trading https://t.co/p86qtalcqn The largest state in India, Uttar Pradesh, and Power Ledger have partnered to launch a P2P renewable energy trading project https://t.co/dUtxFPgeyq News pic.twitter.com/tYxyb7cYcc — CryptoPost (@crypto_PST) November 29, 2019
It has been reported that two state-owned entities – Uttar Pradesh Power Corporation (UPPCL) and Uttar Pradesh New and Renewable Energy Development Agency (UPNEDA) will host the first pilot project involving energy generated from solar rooftop projects installed on state government buildings.
According to a press release on November 28, the two entities have partnered with Power Ledger to launch a trial of P2P solar energy trading to examine its practicability. The first phase of the project is set to be completed by March 2020.
During the trial, Power Ledger will integrate its blockchain-based platform with smart meter systems to enable residents with rooftop solar infrastructure to set prices, track energy trading and settle surplus solar energy transactions through smart contracts.
However, one of the main problems that face renewable energy sources is storing surplus energy when unpredictable elements like wind and sun create more or less power than is needed. As such, the project aims to make it easier for small producers to find users for surplus energy and make renewable sources more viable.
Once the pilot is completed, Power Ledger will examine the results and purportedly work with the local government to tailor regulations that further enable P2P energy trading.
Likewise, Reena Suri, the Executive Director of India Smart Grid Forum (ISGF), said:
“The pilot project will demonstrate the feasibility of energy trading through blockchain from rooftops with solar power to neighboring households and buildings. Power Ledger’s platform integrates with smart meter systems to enable households to set prices, track energy trading in real-time and enable the settlement of surplus solar transactions.” Reena Suri
It has been analyzed that Photovoltaic solar capacity in Uttar Pradesh is set to expand in order to meet growing energy demands. In 2017, the state had 12,500 megawatts of photovoltaic power generation capacity.
Previously, Power Ledger has worked on P2P renewable energy trading in India. Earlier this month, the firm announced that it completed a trial in the Dwarka region of South West Delhi, India. Similar to the pilot project in Uttar Pradesh, the trial in Dwarka aimed to give participants access to cheaper, renewable energy and let solar infrastructure owners monetize their surplus energy.
India has proved itself as a jurisdiction with a proactive approach toward blockchain adoption. On November 27, India’s Ministry of Electronics and Information Technology (MeitY) said that it recognizes the potential of blockchain technology and the need for the development of a shared infrastructure to carry out related use cases.
Thus, the Ministry added that it is working on a “National Level Blockchain Framework.”