The world’s first blockchain-based peer-to-peer solar energy trading project has positive results and might be adopted on a wider scale.
The trial involved Power Ledger’s blockchain technology to track the transactions of rooftop solar energy trading between 48 households in Fremantle, Western Australia. According to the report, the trial finds peer-to-peer (P2P) energy trading technically feasible and supported by participants:
Power Ledger’s blockchain solar energy trading trial that lets households set their own electricity prices has found the technology is technically feasible, is viewed positively by participants and can lead to localised energy autonomy in a big boost for peer-to-peer systems globally.
The project, partly funded by the Australian Government, started back in December 2018 and lasted until January 2020 as a part of the RENeW Nexus Project and ran on a renewable energy trading platform, developed by Australian tech company Power Ledger. The participating Australian households could trade solar energy at the prices set by themselves.
According to a press release, the project aimed to research the potential of localized energy markets and to find out how technology can help achieve better results in the energy system. As revealed in the results, the solar P2P trading trial was a success from a technical standpoint. However, the demand for renewable power trading was highly dependent on its price structure:
Participants had a positive view of P2P energy trading and could see its benefits but stated that changes to the tariff structure would be required to make it attractive.
Since Australia has one of the highest energy prices and electricity consumption rates, blockchain-based platforms for trading the renewable energy gain more attention across the country. A few months ago Power Ledger started participation in a project that also involves installing such kind of platforms to around 100 residential apartments in Western Australia.
The Australian tech company has also stepped into the European market this year when it signed a contract with a renewable energy retailer in France to use the blockchain technology for enabling clean energy tracking and certification.