Uttar Pradesh Power Corporation Limited launches first P2P solar power trading in South Asia
Blockchain-enabled solar trading in India’s largest state.
- Uttar Pradesh Power Corporation Limited (UPPCL) unveils blockchain-enabled solar power trading, first in India and South Asia, in a project led by India Smart Grid Forum with Australian technology company Power Ledger.
- Peer to Peer (P2P) trading platform has launched with 12 participants comprising nine customers with rooftop solar (prosumers) and three customers without rooftop solar (net buyers).
- The results and recommendations of the pilot project will be submitted to UPPCL and Uttar Pradesh Electricity Regulatory Commission (UPERC) for consideration for framing regulations to promote P2P trading of rooftop solar power in Uttar Pradesh, the largest state of India.
Perth, Australia and New Delhi, India — December 22, 2020: Uttar Pradesh has become the first state to launch blockchain-enabled solar power trading in India and South Asia in a project led by India Smart Grid Forum (ISGF) with Australian technology company Power Ledger.
Uttar Pradesh Power Corporation Limited (UPPCL) and its subsidiary Madhyanchal Vidyut Vitran Nigam Limited (MVVNL) will host the first of its kind pilot project involving peer-to-peer (P2P) trading of energy generated from solar rooftop systems installed on buildings in Lucknow.
The project is being implemented by ISGF using Power Ledger’s energy trading software. Abajyon Inc,a system integrator has helped integration of the blockchain platform with UPPCL’s billing system.
The P2P trading platform has launched with 12 participants comprising nine customers with rooftop solar (prosumers) and three customers without rooftop solar (net buyers), identified in consultation with MVVNL.
“This pilot project will demonstrate the feasibility of rooftop solar energy trading through smart contracts on the blockchain platform between prosumers with their neighbouring households. Participants in the pilot project have been trained through online training sessions by ISGF on various functionalities of the blockchain platform.” said ISGF President, Mr Reji Kumar Pillai.
“Power Ledger’s platform integrates the transaction data from the smart meters to enable households to set prices, track energy trading in real time and enable the settlement of surplus solar energy transactions.”
During the launch Power Ledger Co-Founder and Executive Chairman Dr Jemma Green said: “India has aggressive RE targets, including 100GW of solar energy targets, of which 40GW is to come from rooftop solar, so we’re excited to be an enabler of technology that can fast-track the country’s energy plans.”
The Inaugural Address was delivered by Chairman, UPERC, Mr Raj Pratap Singh. He said during the address: “this is the first-of-its-kind project of blockchain for energy trading in India and Uttar Pradesh (UP) State has been the first in introducing new technologies in the power sector in the country in the past also. This blockchain project will help us in being the pioneers to provide leadership and opportunities for P2P trading on blockchain in the country. I would like to congratulate ISGF and Power Ledger team for providing this technology to UP. My compliments to UPPCL and MVVNL for taking such a novel initiative of mutual interest to DISCOMs and Consumers for promotion of distributed energy resources like rooftop solar.”
“Blockchain is the technology that facilitates peer to peer trading of power. I am hopeful that results of this pilot phase will be very positive and will help us develop a good model from the results of this pilot for a larger rollout. We are happy to support the entire project till it’s execution”: said Mr Arvind Kumar, Chairman, UPPCL during the launch program.
Initially, participants will engage in simulated trading (i.e. without financial settlement) for three months while ISGF tests different trading logics and market settings. The results and recommendations of the pilot project will be submitted to UPPCL and UPERC for consideration for framing regulations to promote P2P trading of rooftop solar power amongst prosumers and consumers in the state of UP.
Power Ledger has more than 20 projects in 10 countries, including several in the ASEAN region where it recently announced a project to create a Renewable Energy Certificate marketplace in Thailand and the broader Southeast Asian region.
About Power Ledger
Power Ledger is an Australian technology company that has developed a blockchain-enabled renewable energy trading platform that is now available in more than nine countries, across four continents, enabling customers to access and trade cheaper, cleaner electricity. Power Ledger’s technology won Sir Richard Branson’s global Extreme Tech Challenge award. The company has built a series of products to enable energy trading, renewable asset financing and renewable energy credit markets.
About India Smart Grid Forum (ISGF)
ISGF is a public private partnership initiative of Govt. of India with the mandate of accelerating smart grid deployments across the country. With 170+ members comprising of ministries, utilities, technology providers, academia and research, ISGF has evolved as a Think-Tank of global repute on Smart Energy and Smart Cities. Mandate of ISGF is to accelerate energy transition through clean energy, electric grid modernization and electric mobility; work with national and international agencies in standards development and help utilities, regulators and the Industry in technology selection, training and capacity building.