Power Ledger, an Australian energy tech company and Japan’s KEPCO a utility company have successfully “completed a joint trial of a blockchain-based system for post-FIT (feed-in tariff) surplus power in Osaka.”
On Aug 12th, Power Ledger published an announcement where it revealed a test completion demonstrating the benefits of peer to peer for “post-FIT surplus power” conducted at Osaka for a five-month trial.
P2P Energy trading
KEPCO was able to conduct autonomously and anonymously a “P2P transaction of surplus power” including a settlement with digital currency.
“Although there are still many challenges like amendments of relevant laws for commercialization, Power Ledger’s product presents significant opportunities for prosumers to sell their excessive energy at more advantageous prices and for consumers to buy it at more affordable prices.” Fumiaki Ishida, KEPCO representative general manager
Energy trading needs of the local grid was done by Osaka maintaining a balance between “local producers of solar power and the consumers.”
The trial test done at Osaka proved that Power Ledger has the capability to handle energy trading “energy trades in complex and ever-changing networks, with settlements with cryptocurrency.”
Blockchain and energy sector
In July, a Japanese general trading company Marubeni Corp revealed of backing a blockchain-based power trading platform.
The project aimed at unlocking of billion dollars worth of power generation to smaller projects in the Australian electricity market.
The move will allow consumers to buy energy services within a distributed system signifying an energy system that is more efficient, transparent, flexible for its consumers.