Power Ledger Up 20% On Deal With Japan’s 2nd Largest Utility Comp.
Japan’s second-largest utility company Kansai Electric Power Co. (KEPCO) and Power Ledger (POWR) has entered into a partnership to trial peer-to-peer renewable energy trading. The test aims to decrease energy costs to customers. Furthermore, the system will allow power generating customers to monetize their surplus energy by selling it on a peer-to-peer basis.
Under the partnership, Power Ledger (POWR) will allow KEPCO to access the Power Ledger trading platform and monitor energy trading between participants to increase the incentive for the development of renewable distributed energy resources (DER’s).
KEPCO, on its part, will share meter data from participants, initially up to 10 homes in each of the chosen sites in Osaka City, Japan. KEPCO will use the platform to support the development of Virtual Power Plants (VPP) that will satisfy local energy demands with power generating and storage capacity of consumers.
David Martin, Power Ledger Managing Director and Co-founder, finds it encouraging to see a big company such as KEPCO recognize the importance of DERs and test the platform in a popular city like Osaka.
“The fact that KEPCO is exploring the Power Ledger platform as a solution is a massive indication that the industry has accepted that change is inevitable. The energy industry is traditionally conservative, and rightly so. When they implement changes consumers are relying on them to be certain it’s the right decision.”
*ANNOUNCEMENT* Power Ledger and Japan’s second-largest electricity utility Kansai Electric Power Co. (KEPCO/@KANDEN_Official) have today announced we will partner to trial peer-to-peer renewable energy trading in Japan.
More details: https://t.co/PAiPugsi4a
— Power Ledger (@PowerLedger_io) April 24, 2018
Martin also explained that the main objective of the trial was to make KEPCO comfortable with the new technology, while demonstrating the benefit of peer-to-peer trading.
Martin further said
“The trial will give material feedback around the technology and opportunity for adoption. We’re excited to partner with KEPCO to implement our platform in Japan and bring Power Ledger one step closer to our goal of democratizing power.”
The Power Ledger ecosystem will enable KEPCO to track the generation and consumption of power by all trading participants. Furthermore, the platform will enable settlement of energy trades on pre-determined terms and conditions in near real time.
About Power Ledger
Power Ledger is the world leading peer-to-peer marketplace for renewable energy. Power Ledger allows for each unit of electricity to be tracked from the point of generation to the point of consumption within the building it is generated, or when sold to other consumers, using the local electricity distribution network.
Blockchain technology couples a tracked energy transaction with a financial one, making the process of realizing the value of renewable energy investments simple and secure. Power Ledger allows renewable energy asset owners to decide who they want to sell their surplus energy to and at what price.
Following the news, the Power Ledger token has appreciated by about 20% to trade at $0.60 in the cryptocurrency market.