‘Blockchain tech a mixed bag for power sector’
LUCKNOW:The UP Electricity Regulatory Commission (UPERC) set the ball rolling for the application of blockchain technology in the power sector by holding a conference on “creation of eco system using blockchain technology for renewable energy, distributed energy generation and supply” here on Wednesday. Experts expressed both optimism and apprehensions on the move.
There was a consensus among all the speakers that adoption of the blockchain technology will be useful for all the stakeholders. Under the technology, producers and consumers of an area or village can sell and purchase surplus solar rooftop power among themselves in a decentralised and transparent manner without any intermediaries.
They, at the same time, also said that some regulatory and legal issues, unless resolved, may come in the way of the development of the new technology, which was currently used largely in the transaction of crypto currencies.
Power Finance Corporation CMD Rajiv Sharma said, “Today, we are well placed in inter and intra-state transmission capacities and infrastructure and to utilise the same in an optimised way, there was a need to use this technology, apart from in billing & power trading.”
Principal secretary, energy, Alok Kumar, emphasised that without the use of technology, the power sector would be finished. The areas of concern for the UP power sector were firstly managing finances and secondly the best use of technology in areas like load forecasting and management, billing, data centres and billing revisions.
UPERC chairman RP Singh said the commission had always been very progressive and innovative. He stressed that regulators had a very important role to play in the development of the sector and that he believed in transparency, neutrality, consistency, accountability and efficiency. He said there was a need to have local trading mechanism, leading to a free market wherein an appropriate verification /validation, billing & settlement mechanism have to be laid down.
“Block chain is a futuristic IT technology which will revolutionize the present IT needs, issues and concerns of the power sector,” he said. Experts from various fields also made presentations on the subject trying to unravel technological, legal and economic issues.