Australian Companies Signed Deal to Develop Blockchain-Driven Virtual Power Plants
Power Ledger, a Perth-based energy trading software company, and Powerclub, an Australian electricity wholesaler, have signed a deal to offer households unparalleled authority over their energy usage via a blockchain-based virtual power plant.
Power Ledger, a Perth-based energy trading software company, and Powerclub, an Australian electricity wholesaler, have signed a deal to offer households unparalleled authority over their energy usage via blockchain.
Power ledger is famed for its blockchain-enabled peer-to-peer framework that prompts energy trading between households. The commercial partnership, therefore, seeks to enable Powerclub users to pool their net battery and solar storage as this will serve as a virtual power plant (VPP). This will make them attain considerable access to wholesale electricity prices prompting more control over what they pay per their energy consumption.
The blockchain-enabled VPP technology availed by Power Ledger will permit Powerclub households possessing batteries to pool their stored solar power and sell it whenever price spikes and high energy demands are witnessed.
The Australian Urge for Energy Trading Platforms
The Energy Market Commission in Australia has already spelled out the urge for future grids to act as energy trading platforms.
Jemma Green, the chairman, and co-founder of Power Ledger stipulated: “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 decentralized and democratized, like what we’ve seen happen to the taxi industry with rideshare apps like Uber and Ola. You no longer need to be a massive electricity company to commoditize energy,”
Under the present system, energy consumers do not get value for money as the electricity retailer usually subjects them to additional hidden costs and mark-ups to cater for supply costs. This approach makes high energy prices inevitable in Australia.
Powerclub’s CEO, Stuart McPherson, stipulated: “If there’s one thing that Powerclub stands by, it’s transparency. We’ve partnered with Power Ledger as we see their technology as being critical in reducing price opacity in the energy market.”
The blockchain-driven virtual power plant, therefore, seeks to offer households transparency about their energy consumption, as well as empower them economically.
Image via Shutterstock
Image source: Shutterstock
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