Origin Energy to Test Blockchain for Power Trading
Origin Energy, one of Australia’s largest utility providers, has teamed with blockchain startup Power Ledger to trial a blockchain-based energy-sharing platform.
Power Ledger is a peer-to- peer marketplace for renewable energy. Using blockchain technology, the platform provides a transparent, auditable and automated market trading and clearing mechanism for residential and commercial businesses to decide who they want to sell their surplus energy to and at what price.
Power Ledger is the first Australia-based startup to launch an initial coin offering (ICO). The company raised $17 million AUD ($13.4 million USD) during its pre-sale and expects to surpass $30 million by the end of the public ICO.
Origin Energy is an integrated energy company with positions in energy retailing (approx. 4.2 million customer accounts), power generation (approx. 6,000 MW of capacity owned and contracted) and natural gas production (1,093 PJ of 2P reserves and annual production of 82 PJe).
The blockchain trial involves using anonymized and historical customer data to explore the benefits and challenges of peer-to-peer energy trading across the regulated network. The trial will begin in October and run for a period of three months.
Power Ledger managing director David Martin said working with Origin was a major step towards demonstrating the power of the blockchain to unlock the value of consumer-owned distributed energy resources. He said that the technical trial with Origin allows them to test this new and potentially disruptive technology with one of the industry’s biggest players.
“Peer-to-peer energy trading presents an opportunity to unlock enormous value for consumers,” said Martin. “It disintermediates the energy supply model, putting consumers in direct contact with other consumers. Exploring technology options with Origin that could allow consumers to take more control of their energy purchasing options highlights how the needs and expectations of energy users are changing in Australia, and reflects Origin’s stated commitment to delivering innovative energy solutions to its customers.”
