KEPCO’s Bold Move with Blockchain
The Kansai Electric Power Co Inc (KEPCO) is at it again! They’ve decided to extend their trial of a blockchain-based renewable energy trading platform that’s paving the way for greener electricity exchanges. This ambitious venture, in collaboration with the Aussie tech whizzes at Power Ledger, aims to shake things up in Japan’s energy landscape.
The Renewable Reality in Japan
In 2018, Japan was like the reluctant kid at the energy party, being the fifth-largest electricity consumer worldwide but only managing to produce a mere 17.5% from renewable sources. It’s not exactly a stellar report card! In response, the Ministry of Economy, Trade and Industry pushed forward with the sale of non-fossil fuel value certificates (NFVs) to encourage clean energy. So, think of NFVs as shiny gold stars for energy retailers that show they’re doing their part for Mother Earth.
Clearing the Certificate Chaos
Now, mumbling about NFVs is tricky because a local EKOenergy report described Japan’s current energy certificates and carbon credit systems as “complicated and fragmented at best.” Cue the drumroll, because that’s where KEPCO and Power Ledger’s blockchain wizardry comes into play!
How Blockchain Saves the Day
With the innovative blockchain platform, KEPCO is set to manage the creation, tracking, trading, and settlement of these NFVs, especially those cooked up by rooftop solar systems. Thanks to blockchain’s immutable nature, we can wave goodbye to duplicate certificates—that’s a mouthful of trouble avoided!
Green Energy for Everyone!
The previous successful trial showed that energy producers could trade their surplus energy through this snazzy new platform. This isn’t just a win for the planet—it’s a triple win, as it helps consumers access lower-cost green energy. What a world!
The Global Green Initiative
Now onto another highlight! The new trial allows KEPCO clients to use their NFVs against claims by RE100, a global initiative that’s all about boosting renewable energy consumption. They’re rolling into this with the assurance that the NFV certificates will have their tracking under the watchful eyes of regulatory authorities.
When Does the Magic Begin?
Hold onto your solar panels! This fresh trial is kicking off in December, and we’ll see results splashing onto our screens come March 2020. Exciting times ahead!
Other Blockchain Initiatives in the Region
If you thought Japan was the only one riding the blockchain wave, think again! Over in South Korea, KEPCO’s counterpart—the Korea Electric Power Corporation—also inked a deal with two local power suppliers to launch its own blockchain-powered REC transaction system. Clearly, blockchain is revolutionizing the energy sector faster than you can say “renewable energy credits.”
