According to the report, Clearway Energy joined hands with Ethereum (ETH) blockchain powered energy startup firm Power Ledger to develop a system for buying and selling certificates related to renewable energy.
Power Ledger has announced that the platform will be initially trialed in Massachusetts and power generation in the range of one to five megawatts is anticipated. The second trial is anticipated to be conducted in Midwest and generate a minimum of 20 megawatts.
Devoid of the transaction costs ranging from 3% to 10%, the U.S. renewable energy certificates market is estimated to be over $3 billion. Jemma Green, Executive Chairman of Power Ledger, has clarified that costs of digital certificate trading options, which are an alternative to the aforementioned method of trading energy credits on blockchain, are high after including fees charged by brokers or expenses involved in dealing with bilateral contracts between states.
Finally, Green also revealed company’s plan to continue with the trial for several months before commencing with the commercial roll out in early 2020. Power Ledger intends to launch its P2P (peer-to-peer) network in Austria’s second largest city Graz.