Energy-focused blockchain startup Power Ledger has extended its peer-to-peer (P2P) energy trading trial into its next phase in the Australian city of Fremantle.
In a press release shared with Cointelegraph on Aug. 21, Power Ledger The households participating in the project can set their own energy prices in the market.
‘50,000 transactions per month’
The testing – which is a collaborative effort Synergy, electricity network operator Western Power and energy services platform year.
Power Ledger initially started the last November trial, nearly 50,000 transactions on its blockchain-enabled platform per month since then. The release explains:
"Western Power's smart meter data was fed into Power Ledger's trading platform and then exported to Synergy's billing system, to ensure secure and accurate recording of energy trading."
Management of power use by consumers
According to Power Ledger executive chairman Jemma Green, p2p trading is able to provide customers with electricity and grid power. Commenting on the project, Krystal Skinner, manager of new energy at Synergy, said:
“The first phase gave us insights into the profile of customers that could benefit from peer-to-peer trading, with highlighting the right pricing model. The second phase will incorporate changes based on these insights to determine product potential. "
This month, Power Ledger and Japanese Kansai Electric Power Co. (KEPCO) completed a joint trial of a power-based tariff system for post-FIT surplus power in Osaka. The system purportedly enabled KEPCO to conduct a p2p transaction of surplus power autonomously and automatically, which included settlements with digital currency.
The Congressional Research Service released a report earlier in August that examined, among other things, potential advantages and advantages of pursuing block-based solutions in the energy sector. In the survey, 77% of respondents apparently said that the energy sector lacks appropriate standards for implementing blockchain solutions.