Power Ledger has partnered with Malaysia’s Sustainable Energy Development Authority (SEDA) to launch a pilot trial of its blockchain-backed energy trading platform.
Under the agreement, Power Ledger will demonstrate the ability of its platform to effectively trade surplus solar energy, with SEDA hoping the trial will grow the country’s solar photovoltaic (PV) rooftop market and advance the deployment of Distributed Energy Resources (DERs) in Malaysia.
“Power Ledger wants to work with regulators and electricity retailers to make energy markets more efficient. The trial with SEDA provides a real opportunity to tailor our platform to suit the needs of the Malaysian energy market,” said Power Ledger co-founder and chairman Dr Jemma Green.
Ongoing electricity regulatory changes in Malaysia mean in the near future, surplus energy generated by buildings with solar photovoltaic (PV) can trade green energy between buyers and sellers, through the grid to empower consumers with electricity choices.
“Advancements in renewable energy technologies, coupled with regulatory changes, are starting to unlock new opportunities for the energy sector. Power Ledger has partnered with a number of renowned energy companies to improve the efficiency and transparency of energy markets globally,” said Dr Green.
Power Ledger’s platform enables consumers to choose whether they wish to purchase clean, renewable energy or power from fossil fuels to promote and support the uptake of renewable energy in Malaysia.
“Malaysia has more than four million buildings with rooftop solar potential in Peninsular Malaysia. The trial with Power Ledger will give SEDA better insights into consumer preferences and price model testing,” said SEDA CEO Ir. Dr Sanjayan Velautham.
Malaysia is well endowed with huge solar energy potential and one of the key strategies to achieve its renewable energy target of 20 percent by 2025 will be to leverage on the high rooftop space available. P2P energy trading will make the grid relevant again through the front-of-the-meter (FTM) business opportunities available to solar PV such as virtual net metering.
“We are working on a number of options to scale-up renewable energy growth in our Renewable Energy Transition Roadmap (RETR) 2035. SEDA’s partnership with Power Ledger is a great opportunity to testbed energy trading among prosumers and consumers using blockchain technology and understand surplus energy trading in Malaysia’s energy marketplace.” said Ir. Dr Sanjayan.
The eight month trial is expected to commence before the end of 2019.
Power Ledger’s technology was the first of its kind in the South East Asia energy market and has active projects in countries including Thailand, Japan, the United States and Australia.