Power Ledger, a blockchain energy company based in Australia, has been conducting blockchain energy trading trials in different countries across the world. According to a recent press release on November 14, Power Ledger in partnership with BSES Rajdhani Power Limited, an electricity distribution firm in India, completed a similar project in South West Delhi and the Dwarka region, India.
The Indian project was a large scale peer-to-peer solar energy trading trial, and it was a success. The Southwest Delhi and the Dwarka Region initially had about 5-6 megawatts generated from solar infrastructures majorly installed in the gated communities.
With the Blockchain technology introduced into the energy industry, residents with solar energy infrastructures installed on their rooftops can monetize their solar energy production. The P2P solar energy trading allows the residents to sell the excess solar power produced to households in the neighborhood. This will be an affordable way for participants to get access to renewable power and also creates a business window for homes with solar power infrastructures.
BSES Rajdhani Power Limited will be in a position to offer a reliable and efficient power supply during the high peak seasons due to its new access to an alternative cheaper energy source. Amal Sinha, the CEO at BRPL said,
“The ability to generate and distribute renewable energy across the country without the support of a centralized grid will help sustain the growing production and economy in India. On learning about distributed energy generation, BRPL has been developing renewables energy infrastructures across the country, and the trial with Power Ledger will witness the utilization of that energy.”
By September 2019, India’s solar energy capacity was over 31 gigawatts. Solar energy is the fastest-growing source of electric energy in India, which is attributed to the fact that India’s capital cost per megawatt in the installation of solar energy plants is the lowest in the world.
According to research conducted by Navigant Research, a consultancy and research company in Colorado, the application of the blockchain tech in the energy industry will witness a 67% annual growth rate within the next ten years.
Power Ledger has conducted several other blockchain-oriented power trading trials in various countries across the world. As the company continues to expand its peer-to-peer solar energy trading trials, it rolled out this new technology in South Australia in partnership with an energy retailer in the country. Residents in the country can pool their battery storage and excess solar energy to a Virtual Plants that enhances better management and control of their energy.
Power Ledger revealed that it is also conducting another blockchain-oriented power trading trial in the Kanto region, Japan. The project, expected to be completed by December 2019, will monitor excess solar power levels and electricity trading. Smart meters in the households will be integrated into a blockchain peer-to-peer platform.