Blockchain trading could be in the future of electricity, especially renewable energy, according to Aboitiz Power.
As stated by Emmanuel V. Rubio, the company’s chief executive officer, the blockchain is more an opportunity instead of a disruption in the retail electricity market. He expressed support and possible adoption of blockchain-enabled trading, as it could help bring down costs for end-users.
However, Rubio notes that management of policies and regulations must be made to blockchain trading for renewable energy. He said that regulations on net metering and wholesale electricity spot market need to be analyzed entirely so as to allow blockchain trading to thrive in the market as well as encourage innovations.
An example application of blockchain trading in the power sector is the use of cryptocurrency as a digital currency for the distribution and purchase of power commodities. Among ASEAN countries, Thailand and Singapore have already begun dabbling with blockchain power trading.