Power Ledger, A Blockchain Energy Startup Extends Its P2P Trial
Power Ledger, a blockchain startup focusing on the energy sector, has extended its peer-to-peer (P2P) trial for energy trading into its next phase in Fremantle, a city in West Australia.
Power Ledger is reportedly continuing its P2P solar power trading testing which intends to track rooftop solar energy being traded among households in Fremantle. The households taking part in this initiative are given the freedom to charge their own energy prices in the market.
‘50,000 transactions per month’
The trial is an integrated initiative by Power Ledger, Synergy (an energy generating company), Curtin University, Western Power (an electricity network operator) and energyOS (an energy services platform). It was originally due to be completed in June 2019, but will now extend until December this year.
The testing was initiated in November 2018, and processed around 50,000 monthly transactions on its blockchain platform.
The release explains:
“Western Power’s smart meter data was fed into Power Ledger’s blockchain trading platform and then exported to Synergy’s billing system, to ensure a secure and accurate recording of the energy trading.”
Management of power used by consumers
As per Jemma Green, the executive chairman of Power Ledger, P2P trading enables providing the customers linked to the electricity grid with an option to operate and manage their power use. Adding to this, the manager of new energy at Synergy, Krystal Skinner, said that:
“The first phase gave us insights into the profile of customers that could benefit from peer-to-peer trading, along with highlighting some challenges for developing the right pricing model. The second phase will incorporate changes based on these insights to determine product potential.”
Earlier this month, Japanese Kansai Electric Power Co. (KEPCO) wrapped a collaborated trial of a blockchain system for post-FIT (feed-in-tariff) surplus power in Osaka, Japan. The system was said to allow the conduction of the P2P transaction of surplus power automatically and autonomously, which also included settling digital assets.
According to a report released by the Congressional Research Service earlier in August, there are various potential advantages as well as disadvantages of leveraging blockchain-based solutions in the sector of energy. In a survey, 77% of the participating respondents believe that the energy sector lacks sufficient standards for applying blockchain solutions.