Blockchain / Breaking News
Thai officials have drafted new regulations which demand that producers of electricity who use blockchain should be charged additional fees. Regulators within the government fear that an explosion in independent power generation could lead to a reduction in revenues.
The Electricity Generating Authority of Thailand (EGAT) recently called for fees to be paid as a subsidy in order to counteract the potentially destabilising effects brought on by blockchain technology.
In Thailand, the number of household solar-powered generators is increasing at a rapid pace, and the Energy Regulatory Commission (ERC) has been called upon to develop regulation which makes energy generation fair for everybody.
Increasing numbers of Thai companies are using distributed ledger technology to provide homeowners with an opportunity to profit from rooftop solar systems. This new generation of blockchain-savvy customers is muscling the state-owned utility companies out of profit by purchasing and selling surplus energy on decentralised P2P energy markets.
As the markets continue to grow, less electricity is being purchased direct from the large, state-run utility companies, which ultimately means less power for the traditional energy sector. This has led some to predict that we are witnessing a revolution of decentralisation, with experts suggesting it could be one of the most important trends in human history.
However, the future may not be bright for P2P energy markets just yet. At present, governments can simply impose additional fees to compensate the energy companies, which puts a real dampener on those looking to save money on utilities or even profit from them.
Last year, the Thai government rolled back draconian restrictions on non-governmental clean energy generation. The government decided to allow households to sell any surplus energy generated back to EGAT in September 2017, although it appears it did not envisage blockchain being adopted so quickly by the P2P energy community.