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, it aims for approximately 70% of total societal electricity consumption to be market-traded, with a complete unified market established by 2035.

Notably, the report highlights the full-scale adoption of blockchain technology in the green power market. It plans to implement authentication throughout the entire process from production to consumption and incorporate green power certificates into carbon emission calculations.

This initiative is intended to eliminate market fragmentation between provinces and regions, and optimize 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...