Singapore Energy Provider to Launch Global Power Marketplace
The government-owned SP Group, also known as Singapore Power, says it will launch a solar power trading platform that uses blockchain technology in Singapore later this year.
SP Group says its initiative will allow residential and other small-scale solar energy generators to sell power to businesses with big carbon footprints. The group claims its initiative would be a global first, and that it would enable international individuals with solar power generating hardware – as well as Singapore-based companies and individuals – to commence trading.
Singaporean media outlet Business Times says the platform’s blockchain infrastructure allows for easy cross-border trading, and quotes SP Group CEO Wong Kim Yin as saying, “This marketplace is global immediately.”
Per Business Times, SP Group’s platform was developed in-house by an SP team, and allows traders with registered solar panels to advertise the amount of renewable energy they wish to sell using internationally recognized Renewable Energy Certificates (RECs).
Companies can buy RECs to offset their carbon emissions, helping to meet state-issued pollution targets.
Wong Kim Yin says that the group is still to determine how it will monetize its new platform. The CEO also claims the platform will be free to use for some time after its launch.