Sharechat Logo

Trial of peer-to-peer energy trading system to start in Auckland in December

Thursday 1st September 2016

Text too small?

Power distributor Vector has signed a deal with West Australian energy company Power Ledger to use its peer-to-peer platform to enable people and business to buy or sell surplus electricity to each other. 

The system enables an individual who has solar power or batteries to sell any surplus energy they generate to someone else, bypassing the traditional electricity retailer.  

A trial is to get under way in December this year involving 500 sites in New Zealand's biggest city, Auckland. Schools, community groups, and households will be involved, Vector said in a statement. 

Chief Executive Simon MacKenzie said the new system would empower consumers "to better manage and profit from their energy supply and demand."

Power Ledger is a Perth-based start-up and uses the Blockchain software that underpins the digital currency, Bitcoin, in order to identify who has generated the energy and therefore who owns it. An eight-week trial involving 10 households in Busselton, south of Perth got underway this month, with talks underway on a more advanced trial in the city to follow next year. 

The company's co-founder, Jemma Green said the technology would "enable the safe, sustainable and sensible trading of energy between producers and consumers."

Households with solar panels currently sell surplus energy back to the grid, although last month the Electricity Authority ruled that electricity company Unison had not broken the rules when it raised lines charges for homes who had installed a solar panel system. In April, lines company Eastland Group said it was considering doing the same.

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

NZ dollar trades near 2019 low on Aussie rate outlook, China worries
Short window left to lock in good interest rates on term deposits
MediaWorks breakeven stymied by radio
Loan-to-value restrictions effective but have some drawbacks - RBNZ
Yili deal a timely cash injection for Westland farmers - ANZ
AFT interested in medicinal cannabis but says it's not commercially viable yet
Serko chalks up another year of 28% sales growth, profit dips on acquisition adjustment
NZ first-quarter retail sales grow 0.7%, slightly better than expected
SkyCity poised to enter online gaming space
AFT narrows net loss, turns cash flow positive

IRG See IRG research reports