A P2P (peer-to-peer) trading trial of solar power was completed successfully between Power Ledger, an Australian blockchain energy company, and BSES Rajdhani Power Limited (BRPL), an Indian electricity distribution company.
The large-scale P2P energy trial was conducted in the Dwarka area, South West Delhi, which has installed capacity of 5-6 megawatts (MW) powering a series of gated communities.
During the trial, residents belonging to the aforesaid community were able to sell the excess power generated by their rooftop solar energy modules to other houses in the locality.
The trial intended to facilitate partakers with access to cost-effective, sustainable energy source and at the same time allow owners of solar infrastructure monetize their surplus power.
Power Ledger explained the benefits of the blockchain platform:
“BRPL was able to access a cost-effective energy alternative during the times of peak demand pricing leading to increased efficiency and reliability of the power supply.”
BRPL CEO Amal Sinha emphasized the need for such endeavors:
“With the exponential growth in our economy and production, the ability to generate clean energy and utilize it across India without the need for a fully centralized grid is critical. Realizing the importance of distributed generation, we have already built an extensive renewables infrastructure, and this trial with Power Ledger will help us fully utilize that energy.”
Solar power is one of the rapidly growing energy sources in India, as the cost of solar capacity installation is one of the lowest in the world. India’s solar capacity surpassed 31 gigawatts by the end of September 2019.
In the past few months, Power Ledger has carried out blockchain-powered energy trading trials in various countries. Earlier this month, the company collaborated with a domestic power retailer to unveil its technology in South Australia, permitting Australians to feed additional solar and battery storate to a Virtual Power Plant for better control and administration of energy.
Last month, Power Ledger unveiled its intention to carry out another blockchain powered energy trading trial in Japan’s Kanto region by December 2019. The test will monitor excess solar energy levels and power trading by bringing together a blockchain based P2P platform and smart meters of households in the Kanto province.
A recent study by Navigant Research, a Colorado-based market study and consulting company, underlined that blockchain based systems related to energy are forecast to record a compounded annual growth rate of 67% in the next decade.
