With swelling market interest and a growing array of ground-breaking projects, Asia is now set to match Europe and North America in the blockchain-based energy trading space, writes Solar Plaza.
As well as hosting a vibrant start-up community of its own, the region is already a major focus for international energy blockchain leaders such as US-based LO3 Energy and Power Ledger of Australia.
“There is an immense appetite for blockchain-based energy trading in Asia,” said Power Ledger analyst Marrah Fry. “We have received a great deal of support for our two announced projects in this region.”
The Perth-based company’s projects include a deal with BCPG, the Thai renewable energy developer, and a tie-up with Kepco, the Japanese utility behemoth. The BCPG agreement is of some import, as it allows Power Ledger access to the Metropolitan Electricity Authority’s network to help facilitate BCPG’s peer-to-peer energy trading.
Power Ledger’s involvement in Asia doesn’t end there though, Fry says that it has active communities in China, South Korea, and the Philippines, adding this “further shows just how much interest exists for our blockchain-fuelled innovation across Asia.”
As for LO3 Energy:
Belinda Kinkead, Australia director at LO3 Energy, said her company was also setting its sights on Asia, with two projects soon to be announced in Japan. Asian countries such as Japan, Singapore and South Korea were eager to embrace blockchain-based energy trading, she said, but working in Asia also meant dealing with energy markets that were less mature and receptive.
“It impacts the readiness of people to look at how this could be of benefit,” she said. “Each market is different. But a lot of Asian utilities are intrigued and want to do some sort of trial. They are generally quite receptive to learning more.”
Photo: Yoshikazu TAKADA