Japanese Utility Company Implements Blockchain for Energy Trading

Asia Blockchain Review
August 31, 2019
Japanese Utility Company Implements Blockchain for Energy Trading

The adoption of distributed ledger technology (DLT) in the solar energy sector is quickly gaining traction in Asia, with Kansai Electric Power Company (KEPCO) in Japan the latest firm to utilize a blockchain platform for users to sell surplus solar energy at competitive prices.

Trading Solar Power on the Blockchain

According to EnergyInsider, KEPCO, a major player in Japan’s energy market, has partnered with Australian firm Power Ledger to put the blockchain project to trial. The experiment — conducted over a period of five months — was run on a blockchain platform that allowed solar energy producers to sell surplus energy.

Power Ledger revealed that if the project were implemented on a larger group of consumers, all users would be able to save a combined US$18.5 billion annually due to lower energy prices. 

According to Dr. Jemma Green, Co-founder and Chairman of Power Ledger, the trial with KEPCO “demonstrated how communities can be provided with cheaper energy systems to offset existing energy costs and allow energy-generating customers to monetise their renewable energy investments by selling their excess energy via Power Ledger’s P2P platform.”

Enabling Lower Solar Energy Prices with Power Ledger

With Japan’s rising energy prices, Dr. Green believes the project could potentially “cut out the middleman” in the country’s complicated energy prices systems.

“Power Ledger will give users access to cheaper energy prices, incentivising more people to install solar panels and other types of renewable energy generators,” she said.

Meanwhile, KEPCO confirmed that in Japan, “renewable energy is planned to be introduced significantly.” The company also revealed that the country must seek “stable provisions” to enable the project to be rolled out on a larger scale.

Source: https://govinsider.asia

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