Singapore-based Senoko Energy announced that it had launched a pilot project for peer-to-peer (P2P) renewable energy trading. The project is supported by an ELECTRIFY and ENGIE Factory, the venture arm of French multinational electric utility company ENGIE.
According to the company’s press release, the project will allow Singapore businesses and households to sign up for ELECTRIFY’s P2P trading platform through SolarShare, a new Senoko Energy service offering. Producers and consumers will be allowed to trade locally-produced solar energy after registration on the platform.
The registered user will also see the dynamic pricing of their green electricity rates on the platform, as they can control the buying and selling price of renewable electricity through the marketplace, added the press statement.
Seneko Energy said that new and existing customers could participate in the pilot project with an initial limit of 100 participants. The project is aimed to test the potential of commercialization of this new energy offering, with the eventual target of rolling it out to every business and household in Singapore, it added.
The energy demand during non-daylight hours will continue to be met by Senoko Energy to ensure there is no disruption in the supply of electricity. Customers who buy green energy from the platform will receive a consolidated bill at the end of the month, according to Seneko.
“A ‘prosumer’ culture will strengthen the energy security of Singapore as producers can contribute excess energy to the grid, while consumers can choose where their electricity comes from at their preferred price,” said James Chong, Head of Commercial Division of Senoko Energy.
Commercial and residential consumers will be allowed to activate the energy trading platform to look at the accessible solar producers and select from whom to purchase based on their power usage, according to the press statement. ELECTRIFY’s platform will utilize real-time data at every 30-minute intervals for users to differentiate between the market demand, the amount of energy supplied, and the price offered.
Last year, Mercom reported that Singapore-based SP Group became the first authorized local issuer of International Renewable Energy Certificates (I-RECs) in the Asia Pacific region. The SP Group previously launched one of the world’s first blockchain-powered renewable energy certificates at the Association of Southeast Asian Nations (ASEAN) Energy Business Forum.
Meanwhile, in India, it was reported previously that the Uttar Pradesh Electricity Regulatory Commission had approved a pilot project for P2P transactions of power from rooftop solar systems using blockchain-based technology. Under this pilot project, government buildings or consumers would carry out P2P transactions for the trading of rooftop solar power.
In May 2020, Australia’s power ledger announced a partnership with Thai Digital Energy Development (TDED) to create a blockchain-based digital energy business developing P2P energy trading and environmental commodity trading solutions in Thailand.