Power Ledger announces blockchain-based P2P energy trading project in Austria

Australian energy trading startup Power Ledger has entered into a partnership with E-NEXT, a subsidiary of Energie Steiermark – one of the largest utilities in Austria, to deploy a peer-to-peer (P2P) energy trading network.

Power Ledger’s blockchain-enabled energy trading platform is already being trialed in several places around the world including Australia, Thailand, Japan, and the United States.

Under the partnership, E-NEXT will make Power Ledger’s energy trading platform available to households in Graz, which is home to Austria’s Smart City flagship project.

“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 Co-founder and Director David Martin.

“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.”

The project will leverages blockchain technology to ensure anonymity of data in compliance with the European Union’s strict privacy requirements as outlined in the GDPR legislation.

Initially, the P2P energy trading network would be rolled out to 10 Graz households, allowing those with rooftop solar panels to sell excess renewable energy to their neighbors. Following the initial deployment and validation phase, it could be expanded 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.