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Singapore Brings Environmental Revolution Through Blockchain

21 November 2018

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Singapore

Singapore became one of the first countries to implement the blockchain technology for its environmental concerns. The Singapore Power (SP) Group was responsible for setting up the decentralized Energy system in Singapore. The creator of the utility is of the belief that an absence of any centralized form of entity in the Energy Trading will lead to a more convenient and transparency in the Energy sector.

Renewable Energy Certificate (REC) is the trading tender on this blockchain. One REC is equivalent to one unit of green energy produced by solar and wind power. To run a business, one needs to have a certain number of ‘Green Points,’ companies buy these RECs to balance out their non-green energy production. It is just like Carbon trading around the world, but without a centralized system to cut the middleman.

How Is Renewable Energy Certificate (REC) traded on the Blockchain?

Let us understand how REC works in this system more efficiently. Suppose, you want to open a restaurant in Singapore, but to do that your carbon footprint or the amount of carbon produced by you should be balanced out by buying REC or green tokens. The minimum level of carbon released or its equivalent in REC is fixed by the blockchain protocol. Thus no one can bribe their way into the system. They would only be able to run their restaurant if their carbon footprint is balanced out by the REC.

SP group CEO Wong Kim Yin says,

“A consumer in Singapore who wishes to buy green energy can now, through blockchain-powered REC trading, purchase a REC from a hydro-producer based in Laos,”

Importance of Decentralized System

The Energy trading field was marred by high costs of verification for RECs which made it almost impossible to regulate the trading conveniently. But, with a decentralized form of REC, there is no confirmation required. The Power group, SP, can contact a company which is responsible for measurement of Carbon Footprint. The level of carbon produced will be set against the green tokens, so a pre-programmed setup will automatically start once you buy enough REC to negate your carbon output.

So, we can see how blockchain is beyond Cryptocurrencies and Trading Exchanges. The blockchain is a decentralized ledger system, where everyone on the network has a copy of it. Not, only that, each one can download the complete database on their hard drive, eliminating the need of a central system to control it.

Blockchain as technology is so versatile that it can be used anywhere with two or more than two parties needing a form of exchange. Since the Tender or tokens are generated by pre-set protocol, chances of manipulation are almost close to zero.

While talking about the benefits of Blockchain implementation in the Energy sector, SP group CEO said,

“In the past, you have big power stations in the centralized model, and you would transmit power to the households. In the future, you would have solar panels, and you would have batteries. In that model, the power system would be a lot more robust.”

Final Thoughts

Blockchain Technology is the backbone for the Cryptocurrencies, and most of us often confuse between the two. The blockchain is technology while Cryptocurrency is the implementation of the blockchain. So, you can apply Blockchain to any system with a centralized entity, for example, Banking, Healthcare, Voting, refund systems and many more.

Renewables

Auction for early stage geothermal development areas in West Sumatra, Indonesia

21 November 2018

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Indonesia

Indonesia’s Ministry of Energy and Mineral Resources through EBTKE is launching an auction for geothermal preliminary and exploration survey areas (WPSPE) in Bonjol, Pasaman Regency in West Sumatra Province.

The Ministry of Energy and Mineral Resources (ESDM) through the Directorate General of New and Renewable Energy and Energy Concertation (EBTKE) again auctions geothermal Preliminary and Exploration (WPSPE) Survey Areas.

The WPSPE offered is WPSPE Bonjol, located in Pasaman Regency, West Sumatra Province. The potential capacity is estimated at 200 MW with a land area of 7,441 hectares.

ESDM Director General of Geothermal Energy, Ministry of Energy and Mineral Resources Ida Nuryatin Finahari is optimistic that the offered block will be sought by investors such as WPSPE which was auctioned before. Evidently as many as eight WPSPE that have been auctioned so far, have been sold in full.

“There must be someone who is interested. The one who has shown interest is there. Wait for another month, there is only a list of proposals,” said Ida, recently.

Ida said the implementation of the offer will last for 1 month. The auction document must be submitted no later than the interested business entity on November 21, 2018.

The business entity designated as the winner will conduct a Pre-Transaction Agreement (PTA) with PT PLN (Persero) after exploration is complete and a Geothermal Permit is issued. The reference price of electricity in the PTA referred to follows the provisions of the legislation.

Oil & Gas

Singapore shares slip as oil tumbles, Malaysia edges up

21 November 2018

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Malaysia ,
Singapore

Weak crude oil prices weigh on rig-builders, petroleum services firms

KUALA LUMPUR (Nikkei Markets) — Singapore shares fell Wednesday as investors grappled with lower crude oil prices that weighed on rigbuilders and other firms servicing the industry in a broadly weak market. Malaysia eked out tiny gain.

The Straits Times Index closed down 0.3% at 3043.19 amid a 3.1% drop in Yangzijiang Shipbuilding (Holdings). The FBM KLCI ended up 0.1% at 1688.41 as national electric utility Tenaga Nasional’s 0.8 % gain pushed the index higher in the final hour of trading, helping to offset a 4% loss in oil storage firm Dialog.

“From Asian perspective, where falling oil prices had been helping Asian FX to firm against the USD, from now on, that relationship will likely fade away,” said ING Chief Economist Robert Carnell. He flagged risk to Asia’s growth if oil-producing nations cut purchases of Asia’s manufactured output.

The Nikkei Asia300 Index dipped 0.4% as investors await developments on bilateral trade between the U.S. and China. The Dow Jones Industrial Average and the S&P 500 declined overnight, while the Nasdaq Composite ended little changed.

Crude for December delivery tumbled more than 7% to $55.69 a barrel overnight on the New York Mercantile Exchange amid rising production and a softening in U.S. oil sanctions on Iran. Brent, the global benchmark for crude oil, was up 1.2% to $66.26 a barrel in Wednesday trading.

Saudi Arabia and the Organization of the Petroleum Exporting Countries, in signalling production cut, warned that a supply glut could emerge in 2019 as demand slows, while rivals increase output quicker than expected.

Hibiscus Petroleum and Reach Energy, which own oil production assets, fell 8.2% and 6.2% while the Bursa Malaysia Energy Index fell 2.6%. In Singapore, offshore rig builders SembCorp Marine and Keppel Corp. dropped 3% and 1.4% respectively.

In earnings news, Malaysia Building Society rose 2.1% after posting a 21.1% rise in third-quarter net profit helped by lower impairment allowance. Chemical Company of Malaysia lost 4.4% after reporting a 44.2% drop in third-quarter net profit due to a discontinued operation.

Singapore Airlines edged 0.1% lower after reporting an 81% slump in second quarter net profit to S$56.4 million ($40.9 million) in part due to higher jet fuel costs.

UMS Holdings lost 7% in Singapore after the semiconductor component manufacturer reported a 44% on-year fall in third quarter net profit to S$7.6 million due to slower sales.

Singaporean real estate developer UOL Group retreated nearly 1% after its third-quarter net profit plunged 85% on-year to S$92.8 million.

Pay TV operator Astro Malaysia Holdings and software company My E.G. Services fell 3.4% and 6.5% following exit from MSCI Global Standard Indexes. QL Resources added 1.4% on inclusion to the index.

Electricity/Power Grid ,
Oil & Gas

Thailand’s Gulf Energy and Mitsui to start working on 2.5GW combined-cycle power plant

21 November 2018

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Thailand

About $1.5b will be invested in the project.

Thailand’s energy producer Gulf Energy Development (Gulf) and the Public Japanese conglomerate Mitsui have agreed to start works on the 2,500MW Chonburi combined-cycle (CCGT) power plant in the Chonburi province of Thailand before the end of 2018. Approximately JPY170b ($1.5b) will be invested in the project, which will include four units of 625 MW each slated to become gradually operational between March 2021 and October 2022. The four M701JAC gas turbines will be supplied by Mitsubishi Hitachi Power Systems (MHPS) as per a contract signed in February 2018.

The produced power will be sold over a 25 year period to the domestic electricity company EGAT. Mitsui will hold a 30% in the project while Gulf Energy will retain the remaining 70%. The plant will burn natural gas, including imported LNG through a long-term gas sale agreement signed previously with state-run PTT Public Company.

This article was originally published by Enerdata.

Renewables

Sunseap to build five-hectare offshore floating solar system along Straits of Johor

16 November 2018

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Singapore

The system will reduce 26,000 tonnes in greenhouse gas emissions once operational in 2019.

Sunseap Group is developing one of the world’s first and largest offshore floating photovoltaic (OFPV) systems along the Straits of Johor which will generate about 6,388MWh of renewable energy annually once completed.

According to an announcement, the system is expected to power up to 1,250 four-room HDB flats and cut greenhouse gas emissions by about 26,000 tonnes every year over the next 25 years or so.

Whilst most large-scale floating PV systems are built on freshwater ponds, lakes or reservoirs, Sunseap’s latest development is one of the largest sea-based PV projects, it said. The OFPV system will be located north of Woodlands Waterfront Park.

The five-hectare OFPV pilot in Woodlands which is equivalent to the size of five football fields is expected to be commercially operational in early 2019, the statement revealed.

The widespread use of PV systems is hindered by space constraints and limited roof space in land-scarce countries like Singapore, and thus the delivery of such projects is vital in opening up similar opportunities in the region, Sunseap’s co-founder and CEO Frank Phuan said.

“Solar is one of the most viable and sustainable clean energy options in Singapore, and we continue to see innovative solar solutions being developed and deployed here,” Economic Development Board (EDB) executive director of energy, chemicals & materials Damian Chan said.

Sunseap previously participated in the world’s largest floating PV test-bed in Singapore at Tengeh Reservoir which showed that floating PV systems perform better than typical rooftop solar PV systems in Singapore due to cooler temperatures of the reservoir environment.

Electricity/Power Grid

DC fast charging for electric vehicles to be launched in Singapore

16 November 2018

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Singapore

It will be priced at 40 cents per kWh.

Singaporean company ComfortDelGro will introduce a Direct Current (DC) fast charging service for electric vehicles (EV) in Singapore.

According to an announcement, the Terra 54 CG charging station, which will be operated by ComfortDelGro Engineering and global EV charging software provider, Greenlots, can fully charge up in 30 minutes.

The Terra 54 CG charging station offers a 43kW Type 2 AC charger and 50kW Combo-2 DC fast charger, allowing two EVs to charge at the same time. It also has an all-weather stainless steel enclosure that allows it to be stationed outdoors.

Charging is priced at 40 cents per kWh for both AC and DC charging. DC charging service is currently not publicly available in Singapore.

Electricity/Power Grid

NGCP sets P9.5 B for transmission line upgrade to meet power demand

16 November 2018

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Philippines

The National Grid Corporation of the Philippines (NGCP) is planning to upgrade the transmission lines in Metro Manila next year to meet the growing energy demand.

The first phase of groundwork for the P 9.5 billion project is now underway for its Taguig-Baras 500-kilovolt (kv) transmission line project.

Pending the project’s approval with the Energy Regulatory Commission (ERC), construction is projected to begin by February 2019 and is targeted for completion by August 2020.

The transmission line will pass through Taguig City and Taytay, Binangonan, Baras, and Morong in the province of Rizal.

NGCP claimed that the project will decongest other substations serving Metro Manila and improve the reliability of the transmission system.

“With the growing load and steadily increasing demand in Metro Manila and nearby provinces of Luzon, the reliability of power transmission is something that NGCP needs to secure. The new Taguig-Baras 500 kV line is one of the major transmission network developments for Metro Manila to ensure that the power requirements of the country’s load center will be adequately and reliably served in the long term,” the grid operator said.

NGCP will also build a new Taguig 500-kv substation and 230-kv transmission line passing through Taguig towards Taytay in Rizal.

The route survey has been completed, but due to the construction of the new Skyway portion along C-6, coordination meetings are set for the re-routing of a segment of Taguig-Baras line.

NGCP said it is working closely with the involved agencies and local government units for the initial stage of implementation which includes securing of permits, right-of-way, and submission of needed documents.

“We are hoping for the cooperation and support of the public as we aim for the timely completion of the project which will greatly benefit our customers in Metro Manila, Rizal, and nearby provinces,” it said.

Energy Cooperation ,
Oil & Gas

Indonesia interested in OPEC membership again, but needs to cut its oil imports first

16 November 2018

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Indonesia

Net oil importer Indonesia could reactivate its OPEC membership if it can successfully raise its crude oil production and reduce consumption by boosting the amount of biofuels used in its transportation sector, an official said Monday.

“If we can increase our production, we are more than happy to rejoin,” secretary general of Indonesia’s National Energy Council, Ir Saleh Abdurrahman, said at the ADIPEC oil conference in Abu Dhabi. “I have attended many OPEC meetings before, and I would like to come back, but wait until our production is increasing.”
He told S&P Global Platts on the sidelines of the conference that Indonesia, which suspended its OPEC membership in late 2016, was currently pumping about 800,000 b/d, while importing 1.5 million-1.6 million b/d.

Indonesia’s state-owned oil company Pertamina earlier this year began taking over operations at the country’s oil fields from foreign companies, under a government plan to consume more of its crude domestically and reduce its imports, as the rupiah depreciates against the dollar.

To further cut its import bill, Indonesia on September 1 began requiring all diesel fuel sold domestically to contain 20% biodiesel.

The country also has plans to boost the amount of ethanol blended with gasoline, though it has not blended much to date.

“We are going with biodiesel now,” Abdurrahman said. “That can reduce our import consumption. I think we are on massive way of introducing the biodiesel and bioethanol to our transport sector.”

OPEC bylaws require members to be net exporters of crude. Indonesia first joined the organization in 1962 as its only Asian member outside the Middle East, but then suspended its membership in 2009 after its dwindling crude production made it a net importer.

The country briefly rejoined OPEC in late 2015, saying that belonging to the group would help it sign bilateral deals to boost its output and supply its domestic fuel market, but then suspended its membership again in 2016 when it refused to participate in production cuts OPEC instituted to help prop up oil prices.

“We just suspended our membership,” Abdurrahman said, adding that many of Indonesia’s ties to OPEC members remain intact. “We are a big family, OPEC.”

News Clipping

How Is Renewable Energy Certificate (REC) traded on the Blockchain?

Importance of Decentralized System

Final Thoughts

The National Grid Corporation of the Philippines (NGCP) is planning to upgrade the transmission lines in Metro Manila next year to meet the growing energy demand.

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