Power Ledger (POWR), an Australian blockchain-powered energy trading firm founded in 2016, has conducted a solar energy trading trial in collaboration with the Australian government and found out that distributed ledger technology (DLT) based P2P energy trading helps consumers slash costs, according to reports on June 22, 2020.
Blockchain Powering Cost-Efficient Energy Trading
While blockchain technology, the building blocks of Bitcoin (revolutionizing the global financial landscape, fostering transparency in complex supply chains and more, Power Ledger (POWR) is doing its best to transform the energy sector with blockchain technology.), and other cryptocurrencies is rapidly
According to a press release by Power Ledger (POW), a blockchain-based solar energy trading trial conducted between December 2018 and January 2020 as part of the RENew Nexus Project, found out that P2P energy trading powered by blockchain is technically feasible.
Specifically, the blockchain-powered P2P energy trading pilot enabled 48 households in Fremantle, Western Australia to set their own electricity prices and buy and sell excess solar energy among themselves, while Power Ledger’s blockchain platform tracked the entire rooftop solar energy transactions conducted by participants in near real-time.
DLT-Based P2P Energy Trading Technically Feasible
What’s more, the energy trading pilot also carried out a feasibility study of a distributed Virtual Power Plant (VPP) and a microgrid powered by a 670kWh battery designed to light up homes in the Fremantle area.
That’s not all, Curtin and Murdoch Universities also joined Power Ledger to point a searchlight into the project and found that P2P energy trading is technically feasible and supported by participants.
The report by the team also found that VPPs could provide battery owners with an additional income stream, while also increasing localized energy by up to 68 percent, and significantly slashing grid maintenance costs.
Commenting on the project, Dr. Jemma Green, Power Ledger Chairman reiterated that:
“Power Ledger has demonstrated how peer-to-peer energy trading can incentivize the right outcomes for the grid in a more cost-effective way.”
Despite the huge interest of participants in P2P energy trading, the team has made it clear that authorities need to tweak the current electricity tariff structure to make P2P energy trading more attractive.
“Participants had a positive view of P2P energy trading and could see its benefits but hinted that changes to the tariff structure would be needed to make it attractive,” said the team.
In related news, BTCManager informed in May 2020 that Power Ledger had launched a digital energy trading platform in Thailand in conjunction with the Thai Digital Energy Development (TDED).
At press time, the price of Power Ledger’s native cryptocurrency POWR is trading at $0.096572, with a market cap of $40,647,192 million as seen on CoinMarketCap.