TEPCO, Japan’s largest energy firm, is an unlikely advocate of techno-anarchy...yet it is trying to reinvent itself as a pioneer of one of the edgiest forms of energy. It is embracing blockchain technology with an aim, no less, of overthrowing the old order in the electricity business to make it more decentralised.
A Thai-based renewable energy technology company, Energy Absolute, plans to invest $3 billion in a battery 'gigafactory', hedging on Southeast Asia’s uptake of electric vehicles and smart grids. The firm’s deputy CEO told local media that the company is in talks with a number of Thai energy companies to share the investment.
A key development in recent years has been the growing number of companies setting science-based targets to cut greenhouse gas emissions to reduce emissions in line with the Paris Agreement. The challenge appears to be driving new innovations that are cutting costs and creating new products, with 63 percent of senior executives believe these targets are driving innovation.
The collapse of the Xepian-Xe Nam Noy dam in Laos’ Attapeu province on 23 July has raised concern about the long-term effect of the massive expansion of hydropower in the Mekong basin. While international attention has been focused on existing and planned dams on the mainstream Mekong River, less attention has been given to plans for the construction of dams on smaller rivers and tributaries.
Our country is on the cusp of a revolution that is sweeping the world today, with many powerful vectors converging to transform the energy industry as we know it. If we are able to seize them and ride the wave, we have a golden opportunity to leap forward and build a power industry that is truly for the 21st century.
No one could have accurately predicted the huge impact that inventions like the smartphone and the World Wide Web would have on humankind. As technology advances at a breakneck pace, the same could be said about blockchain technology. Many governments within the region have warmed up to the prospect of promoting the integration of this technology and begun experimenting on a ground-breaking use of blockchain technology in the energy sector.
Blockchain has begun to show promise for a wide range of energy applications, from energy trading platforms to carbon production registries to transaction frameworks in emerging markets. Distributed energy resources as well as microgrid systems and back-end business operating environments present other areas of opportunity.
The world is changing, and business in Thailand must understand the drivers of this change. Among the most significant new directions is the growth of renewable solar and wind energy, as higher demand and improved production processes have lowered investment costs to the point that they are not just environmentally friendly, but also the most financially sustainable choice.