Japan’s Mitsubishi Electric Corporation and the Tokyo Institute of Technology have partnered to develop a blockchain platform to facilitate peer-to-peer (P2P) energy trading. The system will be reviewed in April and the organizations aim to commercialize it soon after. The platform is not an application based on an existing blockchain but instead a new type of blockchain designed specifically for P2P energy trading.
In 2012, Japan introduced feed-in tariffs (FIT) to incentivize investment in renewable energy sources by enabling solar and other renewable electricity producers to sell power to utilities at a fixed price. Consumers effectively subsidize renewable energy.
However, since late 2019 the law is being phased out. This means the contracts that energy producers had with utilities will end so that market prices will prevail and they need to find new buyers.
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