Power Ledger is a software platform that allows owners of renewable energy systems to decide who they want to sell their surplus energy to, and at a price that they, the consumer, decide on.
New Zealanders will be able to set their own price for power and will be able to trade on a fair market platform, rather than being restricted to selling surplus renewable power to energy retailers (who at present don't offer a reasonable buy-back price).
Australian firm, Power Ledger, believe that this kind of trading platform will develop a new paradigm for energy markets globally. Jemma Green, Power Ledgers co-founder and chair, states "Power Ledger is simply about using technology to enable the safe, sustainable and sensible trading of energy between producers and consumers".
Vector is about to trial this platform, starting in December this year. Vector plans to sign up to 500 solar households, schools and community groups to this block-chain energy trading platform. Power Ledger is also being piloted in a range of locations around the world including Japan, Germany, Holland and China.
Households without solar panel systems are able to sign up to the network, purchasing solar power from homes down the road or from a few blocks away.
The system allows for each unit of electricity to be tracked from the place it was generated to the point where it is consumed. Ledger allows renewable energy asset owners to decide who they want to sell their surplus energy to, and at a price the owner can set themselves.
Not only does the software platform track power that is both imported and exported, it allows renewable energy system owners to better manage their energy demand and supply requirements.
Vector is being commended by SEANZ for supporting households that want to generate their own sustainable energy. Vector is helping these households to participate (on an even playing field) in the energy market, and helping to make energy supplies more secure. These types of initiatives are potentially helping to lower the price of power to households throughout New Zealand.