The sharing economy for energy is coming to Singapore

(Eco Business, 28 Nov 2018) A local start-up is on the way to bringing peer-to-peer energy trading to Singapore, which its founder says will grow the renewable energy market in the sun-drenched island nation.

A Singapore start-up has launched a trial for the country’s first peer-to-peer energy trading platform.

Called Synergy, the platform will enable Singapore residents to produce, buy and sell renewable energy to one another. 

Residents will be able to buy electricity from “prosumers”, consumers that double as small-scale producers when they generate extra energy, usually through rooftop solar panels.

When completed, consumers will have the option of paying for their electricity with regular currency or a cryptocurrency called Elec. The second option will log the transaction into the blockchain, which serves as a unchangeable record of the deal.

The platform was launched last month for the first phase of testing among a group of 15 consumers, prosumers and energy generators. They include households in public housing, a penthouse, and solar firm Cleantech Solar, said Julius Tan, chief executive officer and co-founder of Electrify, the company behind the platform.

In this alpha testing stage, Electrify is working to ensure that fluctuating levels of energy demand and solar energy from producers and consumers can be evened out to ensure a steady supply of electricity through its algorithms.

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Eco Business, 28 Nov 2018: The sharing economy for energy is coming to Singapore