The coastal city of Australia, Fremantle has started a trial that lets some residents in the vicinity to trade solar power. It uses a Blockchain based platform which is provided by Power Ledger; a renewable energy-focused startup.
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The report shows that the Minister for Finance, Aboriginal Affairs and Energy in the Western Australian government, Ben Wyatt, declared that about 40 households in Fremantle would be participating in the trial which will end by June 2019.
Efficient Balancing of Supply and Demand
When a household participates in the trial, they will have the opportunity to enjoy the flexibility of finding the cost at which they intend to buy and sell solar energy for and then carry out the transactions on a blockchain-based platform. According to Minister Wyatt in a statement:
“This trial represents an innovative approach to virtual energy trading which may have implications regarding energy utilities working to ensure the balance of energy supply and demand around the world. The households participating in the initiative will be the first ever in the world to take part in a billed, active, peer-to-peer trading trial that will allow them to effectively trade solar energy generated from rooftop systems across the energy grid.”
The initiative is an extension of the RENeW Nexus Project. Nexus brought various entities together including Power Ledger. The project was initiated to explore how future cities can make use of Blockchain and big data to integrate the distribution of energy as well as water system infrastructure.
Power Ledger in the United States
This report comes less than one month after Power Ledger inked a new deal with energy supplier American PowerNet. The deal paved the way for Power Ledger to deploy a blockchain-enabled peer-to-peer renewable energy platform for trading at the headquarters of the electricity provider in Pennsylvania, United States.
Power Ledger Brings P2P Energy Trading to Largest US Market
In another report today, notable American based blockchain project, Power Ledger is reportedly launching its peer-to-peer blockchain-related trading initiative for renewable energy. The energy provider will launch this initiative with American PowerNet at their home head office in Pennsylvania. This will make America the largest peer-to-peer blockchain-related energy trading market in the globe.
According to the report by Media house CCN, the initiative has enabled the generation of solar energy from rooftop systems and carports at American PowerNet headquarters to be distributed to local businesses who are depending on Power Ledger’s xGrid platform. As CCN puts it, in a statement by Scott Helm the President of American PowerNet:
“Rather than dumping our excess solar energy on to the grid, we are thrilled to announce that we can now provide our neighbors clean, sustainable power to care for their electricity needs.”
One month before this development, Power Ledger won the Extreme Tech Challenge (XTC); 2018 edition. The competition was organized by Virgin Group’s billionaire founder Sir Richard Branson. It is designed to equip techpreneurs with the tools needed to facilitate their success. The startup has fared well in the ICO markets having raised approximately AUD$34 million from a single initial coin offering in October 2017. It received financial endorsements running into millions after winning the 2018 edition of the XTC.