New Zealand energy and technology company Vector, and Australian Blockchain energy company Power Ledger signed an MOU to deploy Power Ledger's energy trading platform, allowing people to buy and sell power without using an electricity retailer.
Vector Chief Executive Simon Mackenzie says the trading platform allows consumers to trade surplus energy from solar panels and batteries directly with each other.
“This arrangement empowers consumers to better manage and profit from their energy supply and demand.”
Power Ledger co-founder and chair, Jemma Green believes that this kind of commercial deployment heralds the beginning of a new paradigm for energy markets globally.
“Power Ledger is simply about using technology to enable the safe, sustainable and sensible trading of energy between producers and consumers. We are excited to be working with Vector to put the power of energy trading in the hands of every day New Zealanders”, she says.
The trial is planned to get underway in December 2016 across up to 500 sites across Auckland, including schools, community groups and households.
“This is a natural extension of our exploration of new technologies with the emergence of a new electricity network that offers consumers greater choice and control over the sources of energy they use,” Mr Mackenzie says.
Under the trading platform people can negotiate directly with each other depending on their supply and demand.
“Even people without solar panels could buy power from their neighbours,” Mr Mackenzie says.
“This exclusive transaction is another milestone for Power Ledger, Vector is a perfect large scale partner for us in the sunny Oceania region” Ms Green added.
Power Ledger are the global market leader in peer-to-peer energy trading, using encryption and Blockchain technology to allowing residential and commercial users to better manage their demand and supply needs by making the most of solar panels, batteries, peak loads and other factors such as weather forecasts.