Uttar Pradesh is set to become the first state in India to launch blockchain-enabled solar power trading, reported Cointelegraph on November 29th.
Two state-owned entities Uttar Pradesh Power Corporation (UPPCL) and Uttar Pradesh New and Renewable Energy Development Agency (UPNEDA) will host the first pilot project involving energy generated from solar rooftop projects installed on state government buildings.
The pilot project is being implemented by Australian company PowerLedger in partnership with India Smart Grid Forum (ISGF), a public private partnership initiative of the power ministry.
“The pilot project will demonstrate the feasibility of energy trading through blockchain from rooftops with solar power to neighbouring households and buildings. Power Ledger’s platform integrates with smart meter systems to enable households to set prices, track energy trading in real time and enable the settlement of surplus solar transactions,”said Reena Suri, ISGF Executive Director.
Phase I of the pilot project is expected to complete in March 2020, and the results should help the state government formulate appropriate regulations to promote P2P trading of solar energy in the state.
As the largest state in India, Uttar Pradesh carries massive potential for rooftop solar segment. A July 2018 CEED report claimed only six cities of Uttar Pradesh can deploy 11.4 GW of rooftop solar power by using only 11% of their built-up rooftop area, even as the state target for solar by 2022 is 10.7 GW.