Select households in the historic city of Graz in Austria will start trading solar energy with their neighbours using blockchain, thanks to a new partnership between Power Ledger and E-NEXT.
E-NEXT with the NEXT-Incubator, the innovation arm of one of Austria’s top five largest energy utilities Energie Steiermark, has partnered with Power Ledger to deploy a peer-to-peer energy trading network in and around Graz.
An initial 10 households in Graz will use Power Ledger’s energy trading platform to sell excess renewable energy to their neighbours.
Graz is home to Austria’s Smart City flagship project, which is looking at technologies that will help meet its zero emission and carbon neutral targets by 2050.
“Power Ledger’s technology will help drive the city’s transition towards a zero-carbon energy future, while also giving Graz residents a monetary incentive to use renewable energy,” said Power Ledger director and co-founder David Martin.
As Power Ledger’s platform is blockchain based, it ensures recorded data is anonymous, complying with the European Union’s strict privacy requirements as outlined in the GDPR legislation.
“Power Ledger’s partnership with E-NEXT breaks new ground, not just in the transition to a cleaner energy future but also in the way blockchain technology can be integrated into existing legislative regimes through the adoption of innovative business processes,” said Mr Martin.
Power Ledger said the project had the potential to expand to more households in Graz and across Austria’s energy network.
“Blockchain technology has the potential to disrupt a lot of markets – but as an innovation, we also think it offers new business opportunities and the chance to generate added value for our customers,” said E-NEXT project partner and innovation manager Mathias Schaffer.
Power Ledger’s blockchain-enabled energy trading platform is currently being trialed in several places across Australia as well as in Thailand, Japan and the United States.
One of the company’s largest residential peer-to-peer energy projects is currently underway in Fremantle, Western Australia, where 36 townhouses are generating their own solar power and then trading renewable energy across a microgrid using Power Ledger’s platform.
Power Ledger anticipates the project will enable residents to slash energy costs by about 50 per cent.