A collaboration between Senoko Energy, Electrify and Engie Factory, the venture arm of French multinational electric utility company, ENGIE, has brought to life the first blockchain enabled peer-to-peer (P2P) energy trading platform in Singapore. Following a successful alpha test in January 2020, which included 15 participants, the project will go live in Q3 2020 with an extended pilot phase for new and existing Senoko Energy customers.
Upon registration to SolarShare, producers and consumers will be able to trade locally produced solar energy while also benefiting from the dynamic pricing on their green electricity rates due to the ability to determine the buying and selling price through the trading platform.
The platform allows near real time energy generation and energy usage information, tracked using smart meters, thus offering visibility regarding renewable energy demand and supply in order to determine the price. Senoko Energy will provide the surplus required energy during non-sun hours or when supply of solar energy is limited to ensure there is no disruption in the physical supply of electricity.
(Sources: Senoko Energy; Entrepreneur Asia Pacific; Eco-Business)