WHA Utilities and Power Public Company Limited (SET: WHAUP) is joining forces with PTT-Sertis and the PEA to implement Peer-to-Peer Energy Trading using blockchain technology – the first time this has been done at industrial scale in Thailand. The Renewable Energy Exchange or “RENEX” platform will help enhance efficiency and security of transactions and facilitate energy trading between industrial users. The project will kick off with an initial wave of 23 industrial users in WHA Industrial Estates.
Dr. Niphon Bundechanan, WHAUP’s Chief Executive Officer, explained that in line with its commitment to be a leader in the renewable energy business and energy innovations development, the company has continued to embark on the solar energy business and various technologies such as Smart Energy systems for enhancement of energy stability and cost reduction as well as clean energy usage among customers within WHA Group’s Industrial Estates. This has led to the development of the Peer-to-Peer Energy Trading system – an energy trading platform using blockchain technology. It is part of the energy innovation projects under the Energy Regulatory Commission Sandbox (ERC Sandbox) scheme, the joint implementation between the company and leading energy and technology partners. The platform will allow participating companies to freely bid and trade solar power with one another directly through the grid network of the PEA.
Recently, WHAUP joined forces with PTT Public Company Limited and Sertis Co., Ltd. to develop a Peer-to-Peer Energy Trading Platform under the name “RENEX.” The platform uses blockchain technology to enhance efficiency and security of transactions and facilitate energy trading between industrial users. The project is under cooperation with the Provincial Electricity Authority (PEA).
The project is being launched with first-wave participation from 23 leading customers within WHA’s industrial estates. It is currently under final preparation for first commercial trading within second quarter this year.
Mr. Noppadol Pinsupa, PTT Chief Operating Officer, New Business and Infrastructure Group, said the smart energy management system is a significant mechanism in the future of the energy business. PTT’s main goal is to enhance energy management efficiency and upgrade the country’s sustainable energy innovations under the vision framework of “Powering Life with Future Energy and Beyond”. The development of energy management systems, both in terms of using blockchain technology in energy trading, as well as introducing energy innovations, can be used for new types of fuel. These new technologies all aim to support the growth of renewable energy in the future and to link activities related to the efficient use of renewable energy. They also help enhance the quality of products and services to meet international standards for industrial customers and service users. Driving the country towards a low-carbon society, this collaboration is an important effort in boosting digital technology and strengthening the country’s energy innovation ecosystem. It also allows further enhancement of sustainable energy production in the future.
Mr. Thuchakorn Vachiramon, Chief Executive Officer and Founder of Sertis Co., Ltd., said: “As a partner in the RENEX project using blockchain technology for the Solar Power Trading Platform, we hope that it will benefit all parties involved. In terms of usage, both energy buyers and sellers will be able to trade solar power at the required price and quantity on a stable and secure platform with price matching and bidding system. The platform was co-developed with PTT and has been certified with a petty patent from the Department of Intellectual Property, Ministry of Commerce. This platform will effectively reduce organizations’ energy costs. As a consultant and technology developer, as well as an administrator of the smart energy management system, Sertis is ready to develop and enhance the platform’s efficiency and capacity, by integrating Artificial Intelligence (AI) technology or adding new features that can serve users’ needs in the future. This project is an initial point in harnessing the potential of technology along with the capabilities of personnel to develop a platform that can facilitate and support the clean energy trading industry. I believe that this project will be a milestone for the continuous and stable growth of small power producers, domestically and regionally.”
Peer-to-peer energy trading is a new concept for the power industry, but it is soon to be realised for the first time in Thailand at WHA Industrial Estates. The first wave of participants joining as energy traders consists of 23 industrial users. Once successfully implemented, the project will elevate Thailand’s energy industry to the next level, reduce energy cost for the industrial sector, boost clean energy consumption, promote energy innovations, as well as benefit the environment.
