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Philippines: Electricity market operator explores blockchain tech for P2P energy trading

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Home » Business » Philippines: Electricity market operator explores blockchain tech for P2P vitality buying and selling

The way forward for the home spot marketplace for electrical energy within the Philippines may lie in blockchain know-how, the nation’s market operator has acknowledged, confirming that it’s exploring the combination of the know-how within the huge market.

The Independent Electricity Market Operator of the Philippines (IEMOP) is at present engaged on a futures providing for the nation’s Wholesale Electricity Spot Market (WESM) which it has been working since 2018.

Local media outlet Manila Bulletin reported that IEMOP is in search of definitive regulation from the Securities and Exchange Commission (SEC) on the providing.

“Currently, we’re in talks with the SEC on the legalities of operating a forward market in the Philippines. As per our last discussion with the SEC, they don’t have the rules yet for trading of CFDs in the Philippines, so currently it’s a prerequisite for us to push for the forward market,” the group informed the information outlet.

This futures market, if authorized by the SEC, might be underpinned by blockchain know-how. IEMOP Chief Operating Officer Robinson P. Descanzo revealed that the group is “studying blockchain trading of electricity, as eventual feature of the domestic spot market.”

“Through blockchain-enabled or digitally revolutionalized peer-to-peer (P2P) energy trading, the so-called prosumers or the end-users generating their own power supply can already sell their surplus electricity generation to other consumers,” he acknowledged.

In current occasions, extra persons are turning away from fossil fuels and adopting renewable vitality, resulting in the rise of vitality prosumers who promote their surplus vitality. This system is essentially decentralized because the customers and producers commerce inside themselves in an area grid, making blockchain the perfect know-how to underpin it.

So far, there have been a number of pilot initiatives aimed toward exploring this market. Mitsubishi Electric and the Tokyo Institute of Technology developed such a blockchain buying and selling vitality answer in 2021, with the previous designing the P2P buying and selling system whereas the latter dealt with blockchain know-how analysis and improvement.

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