Australian City Fremantle Launches Power Ledger’s Blockchain Renewable Energy Platform
Fremantle, a costal city in Australia, has started an exciting endeavor concerning blockchain technology. The city allows residents to trade solar power on a blockchain platform, called the Power Ledger. There will be forty participants in the trial.
The trial will allow households to benefit from flexibility. They can determine the price in which they are willing to buy and sell solar power. The transaction is performed on the blockchain. According to the Minister of Finance Bed Wyatt,
“The trial represents an innovative solution to virtual energy trading that may have implications for energy utilities working to balance energy supply and demand all over the world. These households are believed to be the first in the world to be taking part in an active, billed, peer-to-peer trading trial that allows them to effectively buy and sell solar energy generated by their rooftop system across the grid.”
The trial is a component of the RENeW Nexus Project.
Before Fremont, the ledger was established in the wholesale electricity market in the United States. The ledger has also been applied by American PowerNet. CCN reported that American PowerNet will distribute the initiative to businesses using the xGrid Platform.
Scott Helm, American PowerNet’s president stated,
“Rather than just dump our excess solar power on the grid, we’re thrilled that we can now provide clean, sustainable power to our neighbors.”