Kansai Electric, Others to Test Direct Solar Power Transactions
Osaka, Oct. 15 (Jiji Press)--Kansai Electric Power Co. <9503> and others on Monday started a test to enable solar power suppliers to directly sell excess energy to customers using blockchain, the base technology for cryptocurrency transactions, the utility firm said.
The participants will look at the possibility of using the technology as a foundation for safe and fair electricity transactions, after Japan's feed-in tariff program for renewable energy ends at the end of March 2020.
Kansai Electric's partners in the project are Nihon Unisys Ltd. <8056>, MUFG Bank and the University of Tokyo. The test will last until the end of March next year at a Kansai Electric facility in the western Japan city of Osaka, where the company is based.
Nihon Unisys is in charge of system development, and MUFG Bank, a unit of Mitsubishi UFJ Financial Group Inc. <8306>, gives advice on payments. The university supervises the test.
Three types of transactions will be tested, including an auction method in which deals are concluded when prices of buy and sell orders are matched.
[Copyright The Jiji Press, Ltd.]