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11:04, 30 October 2018

Singapore’s National Energy Provider Launches Blockchain Marketplace for Green Power

Singapore’s National Energy Provider Launches Blockchain Marketplace for Green Power

Singapore Blockchain

Singapore&rsquos national electrical energy and gas provider has launched blockchain-powered trading of renewable power certificates in a new marketplace.

The blockchain is made and constructed in-property by the company&rsquos personal group of digital power authorities to &ldquoensure the security, integrity and traceability&rdquo of each renewable power certificate (REC) transaction, Singapore Energy (SP) said in a press release.

The SP Group, a unified corporate entity of former electrical energy and gas departments of Singapore&rsquos Public Utilities Board, claims the blockchain marketplace will enable neighborhood and international firms meet their power sustainability targets.

When companies obtain RECs, they are directly sold electricity from renewable sources from businesses producing green power. The marketplace, SP adds, will &lsquoautomatically&rsquo match buyers with sellers about the globe based on needs and preferences.

Launched on Monday at the ASEAN Energy Enterprise Forum, the blockchain enabled nearby firms City Developments Limited (CDL), a powerhouse in Singapore&rsquos property sector and lending giant DBS Bank as the initial purchasers of the certificates.

&ldquoGiven that buildings consume 40% of power globally, escalating the use of solar energy and neutralising our operations&rsquo carbon footprint has been a priority in the way we develop and manage our projects,&rdquo CDL sustainability chief Esther An said.

She added:

&ldquoWe are glad to assistance the revolutionary and timely initiative by SP Group to embrace blockchain technology as a platform to accelerate Singapore&rsquos transition to a low-carbon economy.&rdquo

Notable sellers contain solar power producers Cleantech Solar Asia, with more than 120 solar web sites across Asia, and LYS Energy Solutions with their wares for sale on the marketplace.

Katoen Natie Singapore, a chemical logistics firm set to launch a six.8 MWh solar power facility &ndash the largest single rooftop solar facility at a warehouse domestically &ndash is also positioning itself as a seller of renewable energy on the blockchain platform.

The launch of the blockchain-powered trading marketplace follows SP&rsquos marked foray to &lsquotransform&rsquo the energy sector with commercial blockchain solutions. In May 2017, the energy supplier announced a collaboration with other international energy giants with the launch of a consortium to create decentralized solutions.

Featured image from Shutterstock.

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Published at Tue, 30 Oct 2018 10:35:27 +0000

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