Power Ledger, an Australian blockchain company, is launching blockchain technology in South Australia in partnership with a local energy retailer, Powerclub. With the new blockchain technology, Australians will be able to pool excess solar energy and battery storage into a Virtual Power Plant, which enhances effective management and exercises significant control over their energy.
Like all other Power Ledger’s initiatives, this new project aims at reducing annual energy costs and allowing users to access wallet-friendly electricity prices. The partnership will see an integration of Powerclub, an Australian electricity wholesaler with Power Ledger’s blockchain energy trading software Virtual Power Plant.
Virtual Power Plant is a cloud-based power distribution plant designed to provide energy trading and enhancement of power generation. Powerclub members will be able to pool their battery storage and net solar, which will act as a Virtual Power Plant. With the shared pool, users can sell solar power when the demand for electricity is high.
Virtual Power Plant is Power Ledger’s first large-scale rollout of the company’s trading technology. The company had launched a similar energy trading project in September 2019. A similar trial on Blockchain energy trading was launched by the company in the Kanto region, Japan.
According to the chairman and co-founder at Power Ledger, Jemma Green, the future of the electricity industry will be democratized and decentralized. This revolution in the industry will be similar to what happened in the taxi industry after the launch of software applications such as Ola and Uber.
The new technology aims at democratizing and decentralizing the energy industry. It will give Australians control over how they use and pay for energy. This will help them avoid additional expenses charged by electricity retailers.