Power Ledger trials blockchain-based electricity trading

FinTech | August 18, 2016 By:

Power Ledger announced that it will begin trials of consumer-to-consumer electricity trading this month using blockchain technology

People in Perth and across southwest Australia may soon have the power to buy, sell or swap excess solar energy with anyone connected to the Western Power network, if trials prove successful. “We’re all electricity consumers, and many of us are now electricity producers with roof-top solar panels,” said Power Ledger Co-Founder and Chair Jemma Green.

Power Ledger uses blockchain-based technology to identify the ownership of energy as it is generated and then to manage multiple trading agreements between consumers who buy excess solar direct from the original owner/producer – all without the addition of market costs and commercial margins.

“The owners of excess energy can sell their surplus to their neighbours for less than the uniform tariff but more than they would get from selling it to their retailer. Effectively, we’re cutting out the middle-man to save consumers, and to maximise returns for producers. It’s a win for the people who have been able to afford to invest in roof-top solar, but also a win for customers who haven’t: they will be able to access clean, renewable energy at effectively a ‘wholesale’ rate. Everyone wins. The benefits of distributed renewable energy will flow on to those who, at the moment, can least afford to participate; we think that’s pretty special,” said Green.

Power Ledger is an Australian energy startup.