Award-winning blockchain-based energy trading platform Power Ledger (POWR) have successfully completed a five month trial with Japan’s second largest utility, KEPCO, showing the advantages of their peer-to-peer (P2P) system over the current feed in tariff (FIT) model.
Power Ledger has completed a five-month trial with Japan’s second largest utility, KEPCO, proving our system is a viable alternative to the FIT model. Our platform enables solar owners to retain faster payback options.https://t.co/GeL95bF14R
— Power Ledger (@PowerLedger_io) August 12, 2019
The Kansai Electric Power Company (KEPCO) have been in operation since 1951 and serve major cities such as Kobe, Osaka and Kyoto. By employing the Power Ledger solution KEPCO were able to transact surplus power autonomously and automatically with settlements being made in cryptocurrency.
Energy for Large and Small
Flexibility is a major selling point for Power Ledger and this latest trial showed their solution could be installed in detached houses and condominiums as well as across microgrids.
David Martin, managing director of Power Ledger, placed the outcome of the latest trial in context by referring to previous promising collaborations in Australia, Thailand and the USA by saying that “The success of the KEPCO trial is an extension of successful projects Power Ledger has deployed in other markets leveraging ongoing development of our technology.”
Satisfied with the results of the trial, KEPCO’s representative general manager, Fumiaki Ishida, stated that “Although there are still many challenges like amendments of relevant laws for commercialisation, Power Ledger’s product presents significant opportunities for prosumers to sell their excessive energy at more advantageous prices and for consumers to buy at more affordable prices.”
The legislation aspect is of particular concern for there is a considerable reduction in the current FIT model run by the Ministry of Economy, Trade and Industry (METI), which offsets the high cost for solar power in Japan, scheduled for October this year.
Power Ledger’s solution would help lessen the financial loss energy-producing households will experience as a result of this decision and provides a faster payback option than they currently receive.
According to Power Ledger sources, Japan has spent $92.8 billion on FIT since its introduction in 2012. If using recent trials as a guide and applying on a wider scale, it is estimated that Japan energy users could have saved around $18.5 billion in 2019 alone by using Power Ledger’s platform.