Uttar Pradesh, the most populous state in India with over 200 million people, is adopting Power Ledger’s blockchain platform to pilot a peer-to-peer (P2P) solar energy trading scheme.
Uttar Pradesh (UP) has entered into a partnership with Power Ledger — an Austalian energy firm that uses blockchain technology — to introduce a pilot P2P solar power trading project, according to Cointelegraph.
For this trial, state-run utility firms UP Power Corporation Ltd and UP New and Renewable Energy Development Agency are working with Power Ledger to introduce a P2P solar energy trading scheme that will conclude in March 2020.
The first phase of the project will see Power Ledger use its blockchain platform to determine energy prices, monitor energy trading, and manage energy transactions with smart contracts. Moreover, Power Ledger will assess the efficiency of the system once the pilot has been completed and will cooperate with state agencies to develop necessary regulations, which will enable Uttar Pradesh to fully allow P2P energy trading in the future.
Increasing demands from the state’s expanding population means the state is scrambling to develop an efficient infrastructure for its citizens. In 2017, Uttar Pradesh had 12,500 megawatts of photovoltaic power generation capacity, with numbers set to rise even higher.
Power Ledger has been partnering with other states in India to develop P2P energy trading, as the firm revealed in November 2019 that it has carried out a P2P trial in South West Delhi.
Meanwhile, the nation’s Ministry of Electronics and Information Technology announced on November 27th that it understands the importance of blockchain technology adoption and how it can benefit the renewable energy infrastructure, adding the ministry is currently developing a “National Level Blockchain Framework.”
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