BCPG, a SET-listed renewable power arm of oil refiner and retailer Bangchak Corporation Plc (BCP), is employing blockchain to distribute and trade electricity in Thailand, says president and chief executive Bundit Sapianchai.
BCPG signed an agreement in Bangkok yesterday with Perth-based Power Ledger to bring peer-to-peer renewable energy trading to Thailand.
The move comes despite the fact that the Thai energy policymaker has yet to finalise the deregulation of renewable power -- allowing private residents and companies to sell power to state utilities.
Mr Bundit said BCPG plans to set up the first micro-grid in Bangkok, which will be the first in Southeast Asia to be used by a leading property developer, Sansiri Plc, for its T77 project.
The project consists of residential and commercial buildings, including a shopping mall, international school, apartment and hospital with solar rooftop installations, generating 1-2 megawatts.
The T77 project will span 80 rai. The first project with a distributed power grid is expected to start operations by mid-2018.
Mr Bundit said the power generated from the micro-grid would be set at a rate making it competitive with that bought from state utilities.
He said BCPG also plans to expand the project to other commercial and industrial parks.
"The Power Ledger energy-trading platform allows building managers to trade renewable energy from solar panels installed at each building with autonomous financial settlement enabled via the use of a secure banking interface," said Mr Bundit.
As part of BCPG and its parent firm's plans to develop solar rooftops and micro-grids next year, 50-100 such systems will be installed at BCP petrol stations.
BCP operates more than 1,200 petrol stations nationwide.
"This will help reduce the government's investment in building large-scale power plants to meet the growing demand for electricity, while at the same time offering consumers greater choice in electricity from renewable energy in the form of peer-to-peer energy trading," said Mr Bundit.
Power Ledger managing director David Martin said coupling on-site renewable energy generation with peer-to-peer trading allows communities to maximise the value of their renewable energy investments while sharing low-carbon benefits with neighbouring consumers.
"Renewable microgrid developments allow for the efficient installation and operation of power generating capacity close to consumers. We're really proud to be working with BCPG to bring this technology to Southeast Asia," said Mr Martin.
Shares of BCPG yesterday closed on the SET at 23.40 baht, up 40 satang, in trade worth 648.8 million baht.