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The Korean government is planning to build a blockchain virtual power plant in the city of Busan.
A virtual power plant refers to a power system that operates by integrating multiple sources of electricity generation, whether public, company or retail.
The project, proposed by Busan City, Nuri Telecom, Pusan National University, Busan City Gas and Korea Industrial Complex Corporation, will be based on a "blockchain of citizen participation".
The details are not clear, but "citizen participation" could refer to a similar method to Electrify, in which small-scale producers and consumers can buy or sell energy.
The city of Busan also plans to develop the project in collaboration with energy
Integration Control Center (TOC), which was established last year. The goal is to use the project as an example of the success of new methods of generating and distributing energy.
According to Yonhap News, a city official said that this project will mean that Busan will take the lead in the futuristic power exchange in virtual power plants. The official also acknowledged that Busan intends to focus on energy efficiency to expand the city's use of clean energy.
This is only the latest in an area where there is a lot of activity. GE, Siemens and others collaborated with the German energy agency Dena to produce a study on the future of energy production and distribution.
In addition, the World Energy Council, in collaboration with PwC, has published a report that explores the benefits of blockchain use in the energy sector.
A related area that attracts the attention blockchain is renewable energy certificates. Often the green energy that is generated is returned to the network and indistinguishable from the energy generated by other means. However, in some regions there is legislation that requires that energy consumption should involve a minimum percentage of renewable sources. The solution is that consumers, typically companies, buy renewable energy certificates and the proceeds go to energy generators. There are blockchain projects certified in Singapore and in Nevada.
