China to Fully Implement Blockchain Technology in the Power Market

On February 11, the General Office of the State Council of China released a report titled 'Implementation Opinions on Perfecting the National Unified Power Market System.' By 2030, the plan is to marketize approximately 70% of total societal electricity consumption, with a goal to complete a fully unified market by 2035. Notably, the report highlights the full-scale adoption of blockchain technology in the green power market. This technology will be used throughout the entire process from production to consumption, implementing authentication and incorporating green power certificates into carbon emission calculations. This initiative aims to eliminate market fragmentation between provinces and regions, optimizing the allocation of power resources. The formal operation of the spot market and the development of a capacity market are also underway, with participation from a diverse range of entities...