Power Ledger, KEPCO bring blockchain-based energy trading platform to Japan
Blockchain-based energy trading platform Power Ledger has successfully completed a 5-month trial with Kansai Electric Power Co. (KEPCO), the second-largest utility in Japan, demonstrating the benefits of their peer-to-peer (P2P) system for post- FIT (feed-in tariff) surplus power in Osaka.
Using the Power Ledger solution, KEPCO was able to transact surplus power autonomously and automatically with settlements made in cryptocurrency, as per its press release.
“The success of the KEPCO trial is an extension of successful projects Power Ledger has deployed in other markets leveraging ongoing development of our technology,” David Martin, Power Ledger Managing Director, said, placing the results of the recent trial in context by referring to previous successful collaborations in Australia, Thailand, and the USA.
On the other hand, Fumiaka Ishida, KEPCO’s representative general manager, also expressed satisfaction in the outcome. “Although there are still many challenges like amendments of relevant laws for commercialization, Power Ledger’s product presents significant opportunities for prosumers to sell their excessive energy at more advantageous prices and for consumers to buy at more affordable prices.”
In June, Power Ledger has also entered into a partnership with E-NEXT, a subsidiary of Austria’s Energie Steiermark, to deploy P2P energy trading network. The new collaboration will make Power Ledger’s platform available to households in Graz, which is home to Austria’s Smart City flagship project.