Friday, April 19, 2024

UP Government to launch blockchain-enabled solar power trading

Uttar Pradesh, the most populous state in India with over 200 million of population, has introduced a blockchain-enabled solar power trading. It will become the first state in India to launch blockchain technology. The project will allow consumers, even without rooftop solar, to trade energy generated from solar panels between themselves. These consumers will be able to trade solar power their neighboring apartments and buildings using this platform rather than letting it spill-back to the grid.

Blockchain-enabled solutions will add to the speed as it will be expanded for Group Net Metering, Virtual Net Metering, EV Charging, and Virtual Power Plant applications.

In the first phase of the project, two-state own utilities – UP Power Corporation Limited (UPPCL) and UP New and Renewable Energy Development Agency (UPNEDA) – will run the project that will cover few government buildings in Lucknow which have installed solar plants on their rooftops. It will involve solar power trading between these buildings, which are prosumers (person who consumes and produces a product) of solar energy and is expected to be completed in six months.

The pilot project is being implemented by Australian company PowerLedger, a global leader and provider of blockchain-enabled energy trading platform, in partnership with India Smart Grid Forum (ISGF), a public, private partnership (PPP) initiative of the Union power ministry.

The UPPCL and UPNEDA will check the feasibility of energy trading through blockchain or a distributed network of solar panels connected to a smart grid where the authorities can track power generation, check the consumption, and trade electricity. They will then submit the result to the UP Electricity Regulatory Commission (UPERC), which will help them to put the state in place appropriate regulations to promote P2P trading of solar energy.

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,” said ISGF Executive Director Reena Suri while explaining plans regarding the solar energy trading project.

If the project is successful, it will encourage more households to install solar plants on their rooftops. It will be very helpful to the Union Government, which has set a target of installing 40 GW of grid-connected rooftop solar capacity across the country by 2022 and reduce reliance on fossil fuels.