Power Ledger Extend Solar Trading Trial

Western Australian based tech company Power Ledger have extended their solar trading trial – let’s take a look at what stage 2 of the company’s p2p renewable trading scheme will encompass.

Solar Trading and Power Ledger

Power Ledger’s blockchain technology has been used since November 2018 to track the transactions of rooftop solar energy traded between 18 households in Fremantle, Western Australia.

The Fremantle Smart Cities project was titled RENeW Nexus and its goal was to demonstrate peer-to-peer energy trading between residential houses. 

Project partners included Curtin University, government-owned retailer Synergy, Western Power, the government-owned network operator, and the City of Fremantle itself.

The trial works by utilising Western Power’s existing network with Synergy’s customers. The Power Ledger platform allows households to buy and sell excess rooftop solar energy in real-time, with residents able to view electricity usage in 30-minute intervals, rather than waiting for their quarterly bill.

Since the trial started in November 2018, Power Ledger has processed almost 50,000 transactions on its platform per month and tracked over 4 megawatt hours of peer-to-peer renewable energy trades. Safe to say it’s been a roaring success, so they’re off to start the second phase of their trial. 

Power Ledger are also working outside of Australia in varied capacity:

  • Silicon Valley Power in the City of Santa Clara alongside Clean Energy Blockchain Network
  • BCPG T77 Thailand
  • Kansai Electric Power Co. (Phase 1)
  • Vicinity Castle Plaza

Saving With Solar Interview with Power Ledger

We had a chat to Power Ledger about the exciting second phase of their renewable energy trading scheme

With ~50k transactions per month currently, what’s the target for 2020?
Power Ledger intends to double the number of participants in the second phase of the trial.

How many trial partners will be involved in stage 2?
In the second phase of the trial we continued to partner with Synergy, Western Power, Curtin University and EnergyOS 
 
Any info on the ‘additional pricing models’ in stage 2? 
The pricing model for stage 2 is similar to stage 1, with some minor tweaks. The partners will be organising workshops and surveying participant to learn more about pricing models. 
 
How much of the trading is automated so the prosumers don’t have to do much?
All the trading is automated. in this deployment however, participants have the option to set their preferred buy and sell prices for peer to peer energy. They can be as active as optimising their prices and trading on a half hourly basis. Alternatively they could go in the platform and set and forget their prices they are happy with.

VPP 2.0 (Virtual Power Plants 2.0)

According to a roadmap for Power Ledger released on Medium last year, the goal is to enact VPP 2.00 – which will allow a lot of options for households who want to trade solar. It also factors in ideas for a two-way electricity grid and options for households to assist the grid – be that through capacity, frequency control, or voltage support.  

We see VPP 2.0, or Virtual Power Plants 2.0, as a natural extension of our peer-to-peer functionality, tying all our other products together. xGrid will evolve into an optimized model of a virtual power plant, to create a conduit for the transaction of value between the owners of distributed energy resources and multiple counterparties.

Self-executing smart contracts will integrate with physical switches in the network, creating an autonomous power market with secure value transfer between consumers, energy markets and networks. For example, a household with solar may normally be trading energy in a P2P market, until they are offered a higher rate by the network to provide capacity, frequency control, or voltage support.

Power Ledger extend Solar Trading Trial to Stage 2. (source: Power Ledger)
Power Ledger extend Solar Trading Trial to Stage 2. (source: Power Ledger)
 
 

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WePower partner with Marubeni Corporation

Renewable energy procurement and start-up platform WePower have secured a strategic equity investment via Japanese investment/trading corporation Marubeni Corporation. A press release was published this morning. Let’s take a look and see what this could mean for businesses looking to purchase renewable energy on a scale they’re comfortable with. 

WePower partner with Marubeni Corporation

You might remember WePower’s ICO at the start of last year – the blockchain-based green energy trading platform has enjoyed a massive financial coup by partnering with Marubeni Corporation. This will support rapid expansion of their ‘disruptive green energy procurement platforms’. This is really exciting news for a company we have been watching for a couple of years. We’re looking forward to seeing what their attitude towards PPAs for smaller (‘almost any’) companies will fare – so you don’t have to go all out on commercial solar (such as the XXXX brewery at Milton’s solar installation) and can just buy what you need at a smaller level.

WePower sees Australia as one of the fastest growing markets globally for power purchase agreements (PPA) and this investment will help bring green energy to corporate and industrial consumers from around Australia.

According to a press release from today, WePower Standardised Power Purchase Agreements (PPA) streamline risk management and introduce previously non-existent liquidity for the energy purchased via direct energy contracts.

Nikolaj Martyniuk, WePower’s Co-founder and CEO, says the investment was secured because of deep synergies with Marubeni Corporation’s Power Business Division.

 “We are delighted to work in partnership with Marubeni Corporation to develop and introduce new commercial energy services, as well as scale our solutions globally to markets including Australia.”

“Two-thirds of the energy produced worldwide is consumed by commercial and industrial clients. So, any meaningful change towards a fully sustainable future is not possible without enabling more corporate and industrial consumers to participate in the green energy revolution.

 “To date, only the largest global corporations have been able to access renewable power sources by directly purchasing from a producer. The complexity of this process has created a barrier for smaller companies looking to integrate renewables into their energy mix and contribute to the growth of green energy development,” Nikolaj continues in the press release

Yoshiaki Yokota, Chief Operating Officer, Power Business Division, Marubeni Corporation discussed the deal:

 “We did it by disrupting the traditional energy supplier business model with a deep focus on big data and a radically different approach to energy sourcing, management and trading. We believe WePower is in a unique position to disrupt the traditional corporate energy procurement markets by allowing almost any company to buy energy directly from renewable producers.”

Learn more about WePower by visiting their website.

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Power Ledger Community Advocate Issue – Spruiking

‘Advocates’ for the Australian blockchain-based electricity trading company Power Ledger have been accused of spruiking the service through the ‘Power Ledger Community Advocate’ program.

Power Ledger Community Advocate ‘Spruiking’

According to an article in the Australian Financial Review, the ‘community advocates’ acted like ‘bounty hunters’ to spread the word of Power Ledger – with some of them making false or overemphasised claims. Some of the investors (who would be rewarded with free POWR tokens as a reward for spreading the good word) were saying things like Elon Musk was involved, and that the project will ‘revolutionise the retain electricity industry’.  Whilst this isn’t PL per se doing the spruiking, their community advocates are a measure of their brand and it’s important that they check what some of them are doing online:

“Some of our bounty group were professional bounty hunters chasing tokens because it’s what they do,” Power Ledger said in a blog post quoted on Medium.

“Some were bots reporting an astounding 5000 likes of our social media output in a single 24-hour period.”

Jemma Green Power Ledger Community Advocate
Jemma Green, CEO Power Ledger Community Advocate Furore (source: AFR.com via Power Ledger)

CEO Dr. Jemma Green discussed the energy trading platform’s 2018 progress in a podcast episode with Laura Shin:

“This year was really about us deploying our products in multiple locations around the world so we could see where was the biggest opportunity for us to scale and commercialise our technology,” Dr Green said.

Power Ledger’s price has been in decline since its $1.79 USD peak back in last December. At time of publishing, the POWR share price was $0.085102 USD as per the CoinMarketCap website. This is a 90% drop in value over the past 12 months. Fewer than 100 building are using the  trading system – we still have our fingers crossed for what is undoubtedly game-changing technology. 

Please note: Saving With Solar are in no way affiliated with Power Ledger and do not have any ‘community advocate’ relationship. 

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Natural Solar – Blockchain Powered Community Solar

Australian company Natural Solar have advised that they will be using the power of blockchain technology its its latest community solar offering – a new housing development just outside of Sydney which will see 12 homes share power with each other.

Natural Solar

Natural Solar - Blockchain Powered Community Solar
Natural Solar – Blockchain Powered Community Solar (source: naturalsolar.com.au)

Nine are reporting that each home will have a 5kWp solar system and an 8kwh sonnenBatterie 8 installed. Homeowners will be guaranteed up to 20 years of $0 power bills, but they will have a $30 / month bill to sonnenFlat for the program. Power will be shared between the 12 houses and any energy movement will be recorded on the blockchain to record and track the efficacy of of the project. Is 12 houses enough? What happens when it’s 4pm on a Tuesday and 8 houses have air conditioning on? 

If this is a bit complicated to understand, Chris Williams, CEO and Founder of Natural Solar,  explains the concept as a ‘super battery’:

“Utilising Blockchain technology, we are able to join all batteries together to create one larger ‘super-battery’ that can power all homes in one development.

“An advantage of this is for the first time ever in Australia, residents will now be able to borrow power from their neighbours who have excess stored in their own battery, creating a complete sharing economy amongst houses.”

What happens if the energy runs out?

This question was put to Williams who said that, although this model means the developer won’t have to pay for expensive grid upgrades, it’ll still have access at all times: 

“In the event houses need additional power and they can’t borrow extra from their neighbours, they are able to automatically draw this from the grid. If the home is signed up to the sonnenFlat energy plan, this will be free of charge for most houses, provided this fits within their annual electricity consumption.”

The project is set to launch by September – so watch this space and we’ll keep you updated on the progress of Natural Solar’s great project.

 

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WePower ICO – Fintech solution for green energy.

Disclaimer: As of the date of publishing nobody at Saving with Solar currently has any investment in WePower but we are planning on joining the ICO.

At Saving with Solar we are extremely interested in the blockchain and how it can help solve issues for those generating solar power. Previously we’ve taken a look at Power Ledger (POWR) and today we’ll look at the upcoming ICO for WePower, which is a “blockchain-based green energy trading platform”. 

WePower ICO

The project allows producers of renewable energy to raise capital by issuing ERC20 energy tokens, which represent energy they commit to produce and deliver. They have support from state power regulators in Lithiuania and electric power companies and will target Europe – Spain, Italy, Germany, Estonia, and others. Numerous solar power plants which produce over 1000MW have joined the project: Conquista Solar, Civitas Project and Novocorex.

Development of the project is divided into three stages:

  1. WePower Breeze – market entrance – “challenging the way how energy investments and purchase are done today by creating the necessary technological layer for the change to happen’. 
  2. WePower Storm – growing the services and usability, and using smart contracts to aggregate and manage flows of renewable energy. 
  3. WePower Hurricane – the final step – a completely new decentralized energy utility.

ICO Start: 1 Feb 2018

ICO End: 15 Feb 2018

Hard cap: $35,000,000

Soft Cap: $5,000,000

Token: WPR, ERC20 standard

ICO Price: 1 ETH = 4000 WPR

Minimum investment: $200

Bonuses: 15% discount for early investors: before reaching the soft cap ($5 million) 4600 WPR will be deposited for 1 ETH.

Accepted currencies: ETH

If you’re interested in investing, click here to read the whitepaper they’re prepared ahead of the ICO. Although we believe in this project we in no way recommend investing in anything like this without doing your due diligence first. One negative, for example, is that there are already a number of projects in the sphere offering fintech solutions for green energy (e.g. Power Ledger). Another is that it hinges entirely on the progress of renewable energy. Obviously we’re bullish on that situation, to say the least, but many countries have a strong oil lobby and prices of oil have decreased recently. And, who knows, maybe a perpetual motion machine is just around the corner. 

Kaspar Kaarlep, the CTO of WePower, has a video below where he discusses their vision for energy transformation in Europe and across the world:

ICORating have assigned a “Positive” rating to the project and recommend it for both short and long term investors – saying the WPR tokens can be “considered both as investments for long-term portfolios, and for the purpose of speculative earnings on the expectations of a successful platform launch and demand for tokens from the initial customers for tokenized energy”. 

WePower ICO Whitepaper Rating
ICOrating.com gives WePower the
highest rate (source: WePower Newsletter)

View an introduction to the system by watching this video!

View a platform demo below:

 

If you have any questions, comments, or insight into this project we’d love to hear about it – please sound off in the comments and we can start a conversation about this exciting new technology. 

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