Energy retailers are able to empower their customers with a unique product offering which gives them access to cheap, clean, renewable electricity, even if they don’t have the means for generating clean energy themselves. The blockchain provides an instantaneous and low-cost settlement mechanism that is secure and fully transparent. By utilizing blockchain technology, xGrid allows neighbours to trade low-carbon energy, make an income from their excess generation and receive a better return on renewable energy investments. Ultimately passing savings on to customers, leading to lower power bills.
In November 2017, the Australian Government, through its Smart Cities and Suburbs Program, awarded the consortium $A 2.57 million in funding for a cutting-edge project in Fremantle, Perth. The Project Consortium includes Power Ledger, Curtin University, Murdoch University, Synergy, Landcorp, Western Power, the City of Fremantle and the Australian Government through the Smart Cities and Suburbs Program.
The project will see the use of blockchain transaction settlement for distributed energy and water systems across the suburb of Fremantle and was the second largest recipient of the Grant across all of Australia.
In a South East Asian first, Thai-Government backed renewable energy developer BCPG and Power Ledger have collaborated on the formation of a microgrid of apartment buildings in Bangkok. Trading around 500kW of embedded solar generation and storage, the Power Ledger Platform enables building managers to trade renewable energy from solar panels installed on each building with autonomous financial settlement, via the use of a secure banking interface.
BCPG will also install a 12MW rooftop solar power system for Chiang Mai University’s Smart City Clean Energy project, using Power Ledger’s Peer-to-Peer Platform to help with energy conservation and promote the use of clean, renewable energy by selling electricity to the university.
Thai-Government backed renewable energy developer BCPG and Power Ledger unite through a 12MW rooftop solar power system for Chiang Mai University (CMU) in Thailand.
Through the installation of a Smart Distribution Network that connects to CMU’s existing information technology system, consumers’ energy consumption behavior is studied using Power Ledger’s Peer-to-Peer (P2P) energy trading Platform. The Platform will provide automated reconciliation and settlement of electricity transactions as well as aggregating excess energy and capacity to provide Virtual Power Plant (VPP) services. Additionally, how electric cars are used on the university campus are studied through the Power Ledger Platform and electric vehicle charging stations.