Powerledger Collaborates with Vietnam’s EVNCPC to Launch First P2P Energy Trading Project

On March 29, Australian energy trading technology company Powerledger announced on Tuesday that it would collaborate with Vietnam’s Electricity Central Power Corporation (EVNCPC) to launch Vietnam’s first peer-to-peer (P2P) energy trading project at the Australia Vietnam Energy Transformation Forum.

Powerledger cooperates with EVNCPC, Vietnam Electric Power Company, to launch a blockchain point-to-point energy trading project

Australian energy trading technology company Powerledger has announced that it will be collaborating with Vietnam’s Electricity Central Power Corporation (EVNCPC) to launch Vietnam’s first-ever Peer-to-Peer (P2P) energy trading project at the 2019 Australia Vietnam Energy Transformation Forum. The Forum is an event that brings together industry specialists, policymakers, and researchers from Australia and Vietnam to discuss transformational change in the energy sector, with a focus on collaborative projects and energy trading technologies.

Overview of the P2P Energy Trading Project

The P2P energy trading project between Powerledger and EVNCPC in Vietnam aims to promote the efficient use of renewable energy resources, decrease reliance on non-renewable sources, reduce greenhouse gas emissions, and balance energy supply and demand in the region. The project will allow consumers and renewable energy producers to trade electricity directly with each other using blockchain technology, eliminating the need for intermediaries such as traditional energy retailers. Powerledger’s blockchain platform will record and verify transactions, ensuring transparent and secure trading between the parties involved.

How Does the P2P Energy Trading System Work?

The P2P energy trading system works by facilitating direct energy trading between the producers of renewable energy, such as owners of solar panels, and consumers, such as business owners or households, over a secure and decentralized blockchain platform. The energy produced by the renewable energy producers is distributed to the consumers in the area, and the excess energy is stored in the blockchain, creating a virtual energy bank. The virtual energy bank will serve as a source of energy for the consumers during times when there is a shortage of energy production, such as during peak hours or bad weather conditions.

Benefits of the P2P Energy Trading Project

The benefits of the P2P energy trading project between Powerledger and EVNCPC in Vietnam are numerous. Some of these benefits include:
1. Encourages the use of renewable energy sources: The project aims to incentivize renewable energy production and reduce greenhouse gas emissions by offering producers of renewable energy an opportunity to sell their energy to consumers directly.
2. Lowers energy costs: The direct trading of energy enables consumers to buy energy at a lower cost than traditional energy retailers, since the energy is being sourced directly from producers.
3. Increases energy efficiency: The project promotes efficient energy use and balances energy supply and demand by reducing energy wastage during transmission and distribution.
4. Enhances energy security: The virtual energy bank created by the project ensures a stable energy supply in the area, even during peak hours or bad weather conditions.

Challenges of the P2P Energy Trading System

Although the P2P energy trading system is an innovative and revolutionary concept, there are still some challenges that need to be addressed. Some of these challenges include:
1. Legal and regulatory framework: The current legal and regulatory framework in Vietnam does not support P2P energy trading. Therefore, regulatory and legal reform is necessary to enable the operation of the P2P energy trading platform.
2. Technical barriers: Implementing a blockchain platform requires a high level of technical expertise and infrastructure, which may be a challenge in some areas of Vietnam.
3. Consumer behavior: Consumer behavior is a key factor that determines the success of the P2P energy trading system. Therefore, education and awareness campaigns are necessary to encourage consumers to participate in the project.

Conclusion

The collaboration between Powerledger and EVNCPC to launch Vietnam’s first P2P energy trading project is a significant milestone in the energy industry’s transformational journey. The project has the potential to revolutionize the energy sector, promote renewable energy use, and enable consumers to benefit from cheaper energy costs. However, its success will depend on overcoming the challenges that come with such an innovative concept. Regulatory framework, technical expertise, and consumer behavior are all critical factors that must be addressed to ensure the project’s success.

FAQs

Q1: What is P2P energy trading?
A: P2P energy trading involves the direct trading of energy between producers of renewable energy and consumers, without the need for intermediaries.
Q2: What technology does Powerledger use to verify transactions?
A: Powerledger uses blockchain technology to record and verify transactions, ensuring secure and transparent trading between parties.
Q3: What are the benefits of P2P energy trading?
A: P2P energy trading promotes renewable energy use, lowers energy costs, increases energy efficiency, and enhances energy security.