National Development and Reform Commission: Use blockchain and other new technologies to carry out green power trading pilot

According to the official website of the National Development and Reform Commission, the National Development and Reform Commission and the National Energy Administration have recently formally replied to the State Grid Corporation of China and China Southern Power Grid to promote the development of pilot green power transactions. The “technology achievable” analysis part of the reply mentions the use of new technologies such as blockchain.

The National Development and Reform Commission stated that due to technical characteristics such as unstable power generation from new energy sources, the consumption and operating costs of the power system will increase significantly. To achieve the multiple goals of power low-carbon transformation, safety, reliability, and affordability at the same time, it is necessary to deepen the reform of the power system and make explorations and innovations in institutional mechanisms and market construction. By carrying out green power transactions, we can distinguish some users who are willing to take on more social responsibilities, and directly trade with wind power and photovoltaic power generation projects to guide green power consumption in a market-oriented manner, reflecting the environmental value of green power, and the green power generated The proceeds will be used to support the development and consumption of green power, and to better promote the construction of new power systems.

In the process of design and research, the National Development and Reform Commission conducted in-depth investigations with the National Energy Administration, related companies, experts and scholars, and found that the conditions for developing a green power market are ripe.

One is that enterprises have demand. Many companies have a strong willingness to participate in green power transactions, and many companies have expressed their willingness to pay extra for the environmental attributes of green power. In the future, as more willing companies participate in the transaction, the transaction scale will continue to expand.

The second is the willingness of the locality. Some regions have carried out in-depth research and basic work on green power trading, and have a high enthusiasm for green power trading. At the same time, they also hope to conduct an overall design at the national level to clarify basic standards and rules.

The third is technology achievable. Using new technologies such as blockchain, it is possible to comprehensively record the information of each link of green power production, transaction, consumption, etc., to ensure that it cannot be tampered with, and to achieve the full life cycle tracking of green power. At present, the State Grid has applied for a patent for the green certificate transaction system based on the blockchain.

Fourth, transactions can be organized. Beijing Power Exchange Center and Guangzhou Power Exchange Center have conducted a lot of research work. At present, the trading platform has realized the functions of price formation, contract signing, priority execution (clearing), priority settlement, etc. to meet the needs of green power transactions.

Fifth, consensus has been formed in all aspects. All parties generally believe that my country’s first green power transaction is of great significance. It will not only play an important supporting role in the implementation of the dual-carbon goal and build a new power system, but will also provide Chinese solutions for the development of global renewable energy. As new energy sources become the mainstay of the power system, green power trading will also play an increasingly important role in the power market system.

The National Development and Reform Commission stated that the overall consideration for the pilot green power trading is to give full play to the decisive role of the market in resource allocation, better play the role of the government, and promote the priority of green power in terms of trading organization, grid dispatching, and price formation mechanism. Provide market entities with sound, friendly and easy-to-use green power trading services, which fully reflect the environmental value of green power. Through the structural reform of the power supply side, the whole society shall be guided to form a consensus on the active consumption of green power, fully stimulate the potential of both the supply and demand sides to accelerate the development of green energy, and accelerate the promotion of my country’s clean and low-carbon transition.

The National Development and Reform Commission emphasized that green power trading is to establish independent green power trading varieties under the existing medium and long-term trading framework, and actively guide users with green power demand to directly conduct transactions with power generation companies. Green power is traded in the power market and grid dispatching operations. Prioritize organization, arrangement, implementation, settlement, and encourage the enthusiasm of electricity users to purchase green power through relevant policies and measures. The market entities participating in green power transactions have recently focused on wind power and photovoltaic power generation, and have gradually expanded to other renewable energy sources such as hydropower. Green power transactions will prioritize fully market-oriented green power on the Internet. If some provinces are fully market-oriented and green at the beginning of the market The scale of power is limited, so you can consider buying government subsidies and guaranteed green power from power grid companies.

It is understood that under the guidance of the National Development and Reform Commission and the National Energy Administration, the State Grid Corporation and China Southern Power Grid will organize the Beijing Power Exchange Center and the Guangzhou Power Exchange Center to carry out the green power trading pilot work. The green power trading implementation rules will be compiled and the technical platform will be further improved. Function, organizing the registration of market entities and green power trading. In the initial stage of the pilot, it is planned to select regions with strong green power consumption willingness. After the green power trading pilot work is launched, other willing regions will also provide active support in the future. During the pilot process, relevant departments will strengthen guidance, improve related supporting policies, coordinate and solve related problems in a timely manner, and create a good environment for green power trading.


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