Largest Indian State to Pilot Blockchain-Based Solar Energy Trading
Ana Alexandre's original article for cointelegraph.com reduced by 47%
The Indian state of Uttar Pradesh will pilot a peer-to-peer solar power trading project in partnership with Australian blockchain energy company Power Ledger. The state power utility UP Power Corporation Limited and UP New and Renewable Energy Development Agency have partnered with Power Ledger to launch a trial of P2P solar energy trading to examine its practicability, according to a Nov. 28 press release.
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 via smart contracts. One of the main problems facing renewable energy sources is storing surplus energy when unpredictable elements like wind and sun create more or less power than is needed. 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.
Photovoltaic solar capacity in Uttar Pradesh - the largest state in India with a population of nearly 200 million - is set to expand in order to meet growing energy demands. 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.
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