China to set up blockchain-based green power trading

China to set up blockchain-based green power trading

China’s National Development and Reform Commission (NDRC) said this week the country will roll out a pilot scheme for green power trading between corporate consumers and renewable energy generators.

The program is being carried out by the Beijing Power Exchange Center and the Guangzhou Power Exchange Center.
Under the pilot scheme, users who have demands for green power will directly trade with wind power and photovoltaic power generation enterprises.

According to Shi Lianjun, general manager of the Beijing Power Exchange Centre, 222 enterprises have applied to participate in the pilot program.

"Some regions have been hoping for an overall design from the national level to pinpoint the basic standard and regulations for the trading," said the NDRC, adding that there are feasible technologies which can guarantee the sound operation of the trading market.

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"New technologies such as blockchain can help to thoroughly record information on green power production, transactions, consumption and other procedures," the commission said.

Blockchain-based technologies could help realize automatic, accurate, and highly efficient green power transactions, as well as the approval and issuing of certificates for green power consumption, said Wang Dong, head of State Grid Blockchain Technology (Beijing). He added that “Aside from greatly optimizing trading procedures, reducing costs and enhancing efficiency, these technologies could effectively rule out risks of errors.”

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