Aussie Crypto Startup Power Ledger Brings P2P Energy Trading to Largest US Market
News today sees notable blockchain project Power Ledger launching its peer-to-peer trading product for renewable energy. Power Ledger will launch with American PowerNet at their home base in Pennsylvania.
Power Ledger is a blockchain-based solution for renewable and cost-effective energy. (Power Ledger also has their own cryptocurrency – POWR token.)
According to their website, Power Ledger envisions “an economy where households that generate electricity can trade with their neighbors and get a fair return on their investment. Where electricity is stable, affordable and available to everyone”.
Business Wire published a press release today announcing the launch of Power Ledger’s “peer-to-peer (P2P) renewable energy trading platform at licensed retail electric provider American PowerNet’s headquarters in Wyomissing, Penn”.
American PowerNet “is an independent power supply company providing retail and wholesale electric supply services throughout the United States”, as stated on their website. They operate on the bleeding edge of the industry, which includes blockchain application.
The press release explains that American PowerNet will employ Power Ledger’s xGrid platform. This platform allows American PowerNet to swap solar energy (absorbed from its buildings) with nearby associated neighbors. This reduces carbon emissions, as well as electrical cost.
We’re excited to announce the deployment of our P2P renewable energy trading platform in the largest U.S. wholesale electricity market, alongside American PowerNet and CEBN.https://t.co/SNx28CnsIQ
— Power Ledger (@PowerLedger_io) November 13, 2018
American PowerNet president Scott Helm stated in the press release – “Rather than just dump our excess solar power on to the grid, we’re thrilled we can now provide clean, sustainable power to our neighbors”.
This announcement is the beginning of Power Ledger’s initiative in the PJM – the Pennsylvania-New Jersey-Maryland Interconnection. The PMJ is the “largest U.S. wholesale electricity market”, reported Business Wire.
Power Ledger is partnered with the Clean Energy Blockchain Network (CBN), which will help with the launch.
According to the press release, the launch will occur this month. The operation will work with current meters and data so that further hardware, software, and effort is not necessary. Helm elaborates on the operation’s potential, explaining how these measures can be utilized and applicable in “any deregulated territory where a business site has excess solar generation”.
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CCN also followed Power Ledger’s energy marketplace platform test run in Bankok, which allowed for the sale and purchase of solar energy.
Featured image from Shutterstock.