Power Ledger has just partnered with Japan’s second largest electricity utility known as Kansai Electric Power Co. (KEPCO). The main purpose behind the partnership is to trial a peer to peer renewable energy trading in Japan. At the moment of writing the article Power Ledger price spiked over 16%.
Power Ledger partnership with KEPCO
KEPCO and Power Ledger have decided to sign a partnership in order to provide communities with cheaper energy systems. The intention is to offset existing energy costs and allow generating customers to monetize their renewable energy investments by selling their energy excess.
The information has been released in a blog post by Power Ledger on April the 24th.
The trial will include 10 initial homes that will be chosen in Osaka City in Japan. KEPCO will be sharing the data from these participants and Power Ledger will provide the utility company access to the Power Ledger trading platform. In this way, it will be easier to monitor and facilitate energy trading between the participants involved.
Power Ledger Managing Director and Co-founder, David Martin, commented about the partnership:
“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.”
At the same time, Mr Martin explained that Power Ledger is offering KEPCO the possibility to feel comfortable in a new technology paradigm while also demonstrating the benefits of the peer-to-peer trading.
“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,” David Martin stated.
Power Ledger is a peer to peer marketplace for renewable energy. With blockchain technology, the platform is able to provide an immutable market trading and clear mechanism for those businesses or residential apartments / houses that want to sell their surplus energy.
At the moment, there are several energy-related enterprises that are working with distributed ledger technology.
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