Blockchain-enabled peer-to-peer energy trading platforms have recently garnered a lot of attention, rising as a radical alternative to traditional energy trading.
The latest such project has been announced for Melbourne, Victoria, where energy consumers will be able to buy and sell renewable power on a platform set up by Perth-based blockchain developer Power Ledger in partnership with Greenwood Solutions, whose mission will be to distribute solar behind the meter.
“The current model of how people buy and sell electricity is outdated and cumbersome,” said Greenwood Solutions Director, Eddie Greco. “Being able to experience our customers first hand frustration on the complexity of electrical billing, quickly made us realize that change was needed.”
With the goal to further the uptake of clean energy, like solar, making it possible for consumers to buy and sell renewable energy directly between one another, Power Ledger says that its P2P energy trading platform is a transparent, auditable and automated record of energy generation and consumption.
“Coupling on-site renewable energy generation with peer-to-peer trading will allow residents to maximize the value of their renewable energy investments, while sharing the low-carbon benefits with their neighbors,“ says Power Ledger Managing Director David Martin, adding that this deployment in Melbourne brings the company a step closer to its goal of democratizing power.
There have been various moves in Australia to use blockchain technology in P2P solar electricity trading, including energy retailer AGL’s trial in Adelaide.
Power Ledger itself has already been involved in a two-year pilot project supported by the Australian government’s funding of $2.57 million, which aims to use blockchain technology to pair utility-scale and commercial rooftop PV with a battery, electric vehicle charging stations and water treatment and capture systems in the port city of Fremantle, Western Australia. It has also entered into partnership with Origin Energy, enabling the retailer’s customers to explore the benefits of P2P energy trading.
Last year, the company raised $34 million from over 15,000 buyers in a token generation event, which was Australia’s first Initial Coin Offering (ICO).