Tag EGAT

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Blockchain platform in Thailand shared by local banks

The central bank in Thailand has recently disclosed that fourteen Thai banks will join hands to develop a shared trade finance platform based on blockchain technology.

Blockchain: the Banks are on board

Within the fourteen, the big four banks, Bangkok BankKrung Thai BankSiam Commercial Bank and Kasikornbank are on board and are scheduled to launch electronic letters of guarantee on a shared blockchain platform. The service will firstly be tested and come online eventually by September of this year.

The system was initially launched by Kasikornbank in collaboration with U.S. computing company IBM last July. It is built on a distributed ledger framework called Hyperledger Fabric provided by the Linux Foundation. State enterprises are already using letters of guarantee issued through the system, according to the bank.

The group would be similar to the Digital Trade Chain consortium that was formed last year by seven European banks such as Deutsche Bank and HSBC to develop a shared trade finance platform using blockchain.

“With this infrastructure sharing, banks do not need to invest on their own,” Bank of Thailand Gov. Veerathai Santiprabhob told reporters Monday. “Interoperability enhances efficiency, reduces costs in our financial sector and addresses the needs of the consumer and the business sector.”

Thai banks and companies join hands to promote a shared finance platform using blockchain technology.  Nekki Asian Review

Thai banks and companies join hands to promote a shared finance platform using blockchain technology. Nikkei Asian Review

Letters of Guarantee

The new blockchain system will digitise the documents and shorten the process to as little as 30 minutes. Previously in Thailand this was a lengthy process and sometimes took a few days to process!

Initially, the blockchain service will cover letters of guarantee issued for bidders in state-owned enterprise auctions and other domestic trading. Seven corporates, including the state-owned Electricity Generating Authority of Thailand and industrial conglomerate Siam Cement Group, are set to use the system. The companies will be able to store their suppliers’ letters of guarantee using the cloud system and obtain updated documents whenever they want.

View the original article here on the Nikkei Asian Review Website, written by YUKAKO ONO, Nikkei staff writer.

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SOLAR ENERGY NEWS REPORT!

EGAT says the Market Quota will now end

Energy policymakers are currently planning to end the twenty year quota regime. They will do this by expanding the state-controlled power generation business to private sector competition, quoted by the Energy Minister himself Mr Siri Jirapongphun.

Thailand will now be removing the special quota from state-owned Electricity Generating Authority of Thailand (EGAT). “Thailand needs to increase power supply and allowing the market to set its price will be essential to developing the power generation industry,” he said.
The deregulation of power generation will be applied to both the renewable energy industry as well as the fossil fuels industry.

The energy price is currently at an average of 3.6 baht per kilowatt hour.

Egat's Mae Moh power plant in Lampang. Both fossil fuels and renewable energy will be deregulated. JIRAPORN KUHAKAN

Egat’s Mae Moh power plant in Lampang. Both fossil fuels and renewable energy will be deregulated. JIRAPORN KUHAKAN

By JUNE 2018, policymakers have planned to open an auction under the small power producer programme. This will involve semi-firm power purchase agreements with a total of 269 megawatts.
The move is aimed at advancing the efficiency of the sector, of EGAT, and of other state-owned energy firms like PTT Plc.

Details of the deregulation programme will become finalised in the new national Power Development Plan (PDP). This is currently being revised by the relevant department.  The new PDP, set to be finalised in March 31, will replace the existing PDP, which was drafted in 2014.

The current rules that state that one fifth of the country’s power must come from renewable energy sources by the year 2036 may also undergo major revisions. At present, renewable energy sources in Thailand account for 12% of the country’s power.

Companies from the private sector and EGAT (which recently expressed interest in importing LNG), will now be allowed to enter the business, which previously fell under the monopoly of PTT.

To get a quote for your solar installation, get in touch with us!

Find the original Bangkok Post article here.

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