Power Ledger bought the platform from Perdaman Advanced Energy, an Aussie company providing sustainable energy consulting and project development.
The latest system will be installed in Maddington and incorporate a Power Purchase Agreement (PPA) to ensure transparency in renewable energy trading.
The media release further elaborated on the tracking process as follows:
“The renewable energy that the Maddington asset generates will be tracked using blockchain technology to provide a verified audit trail for energy generated, energy bought from the grid, energy consumed and energy dispatched to the grid.”
By employing blockchain, the company anticipates to eliminate any likely errors that cause under- or over- reporting of sales.
Other than the PPA, the system will utilize Power Ledger’s environmental characteristics product to mechanize the tokenization and disbursement of huge quantity of generation certificates.
The progress has happened within the bounds of Australia’s new plan for the energy market, where rewards will be paid for buying and selling energy on real-time basis.
Earlier last year, sustainable energy contributed more than 21% of Australia’s total power production, with completion of 38 renewable energy ventures, as per data from Clean Energy Council.
In 2018, South Australia solely generated over 50% of its power from renewable sources.
Power Ledger unveiled its initial test of P2P power trading technology in rural zones of Australia last September, aiming to assist external commercial establishments and farms boost the capability of their power grid and minimize related expenses.
The company has put efforts to pave way for similar sites to commercialize their excess solar power, as prevailing tariffs offer no financial remuneration to those who transfer surplus solar power back into the power grid.
Earlier this month, academic at Ireland’s Economic and Social Research Institute suggested that utilizing a blockchain powered “forward trading system” can offer a more effectual stimulus for the smart handling of renewable power intake.
Regarding token trading of power to be generated in the future, the news release details as underneath:
“Claims on future electricity production can be directly traded between generators and consumers through blockchain in a cyber-physical marketplace […] power contracts for future delivery are transacted on the blockchain. These claims on future generation could be embodied as nonfungible blockchain tokens with future electrical power delivery as the underlying asset.”