Power Ledger, an Australian blockchain-based cryptocurrency and energy trading platform has signed a deal with Australian electricity wholesaler Powerclub in efforts to commercially launch its technology on a much larger scale.
This partnership will allow Powerclub members to pool the excess solar and battery storage and use it as a Virtual Power Plant (VPP) and as a result allow then to buy electricity when prices are low and sell when there is a spike owing to demand.
This process helps consumers distribute energy more efficiently and this helps ease out the pressure during peak energy demands. The consumers will also be able to keep their electricity consumption and bills in control.
When applied on a large scale the results should be cheaper power and a quick return on investment for the batteries and solar systems. The return on investment factor is something that will encourage people to participate even more and thus will reduce the costs even further.
Power Ledger Co-founder and Chairman Jemma Green commented on the partnership:
“The Australian Energy Market Commission has already flagged the need for grids of the future to become energy trading platforms. The future of the energy industry will be decentralised and democratised, like what we’ve seen happen to the taxi industry with rideshare apps like Uber and Ola.”
Australia has the problem of high electricity prices due to the costs of moving electricity across the vast nation. This could be solved with the help of local VPP’s. Other concerning reasons would be the use of non-renewable resources to generate electricity. This causes various environmental hazards. Even though many electricity producers are shifting towards renewable resources, the country doesn’t have a strong enough infrastructure to make this shift while keeping up with current demands.
This is where Powerledger’s blockchain-based platform comes to play. With the integration with Powerclub, households with solar panels will be able to become producers themselves while also getting a return on their investment. If the usage is less than the energy they sold, they can eventually earn a profit from this entire system. Furthermore, this gives birth to a self-sustaining and eco-friendly community. Powerclub’s CEO and Founder Stuart McPherson said:
“We believe that by integrating Power Ledger’s platform into our commercial offering, our members will be able to access even better price points for their energy.”
Currently, Power ledger has on-going projects in several countries across the world like Austria, Japan, Thailand, and the United States. Over the long run, Powerclub and Power Ledger are “already looking at solutions to the current energy crisis to ensure Australians have access to cheaper and cleaner energy” and this partnership with Powerclub is expected to expand beyond South Australia to more of the company’s members in the near future.