What is Peer to Peer Energy Trading?
Peer to Peer Energy Trading (P2P) is the buying and selling of energy between two or more grid-connected parties(infinite energy). It works just like trading all other merchandise online, the only difference is that what you trade is energy and it don’t just come in the mailbox.
P2P mainly trades the renewable energy. While the hydro power, wind power and solar power being biggest three renewable energy providing source; due to the limitation of installing the water dam and the wind turbine, hydro and wind power is mass produced by the big cooperation and government; leaving solar to be the main source of the energy production for general house holds.
Although solar panel are costly to majority of the general public, many countries including Australian government have introduced schemes to support and help families to build solar panels. Which could boost the future P2P trading in renewable energy. The current solution of the excess energy produced by the panels were to send the energy back to the grid and the customer can receive a feed in tariff(FIT) rate for the energy returned to the grid.
The solar panel generates energy by forming electrical circuit from the photons released by the sun(red energy). P2P allows us to trade the unused energy to anyone at anytime and saves the energy from travelling around. To Protect the trader’s personal information the P2P trading will be based on the blockchain technology where the transactions will be secure and traceable to the account that distributed the energy and those who purchase it.
An example could be that you are away on vacation and the house hold won’t use much electricity generated by the panel and the house owner therefore obtains a large sum of unused energy. The current PV system will send these energy back to the grid for FIT, but the actual energy will be less when it reaches the grid with the loss on the way to the grid. P2P enable you to sell the excess energy to your neighbours who are using more energy than the energy that solar panel produces.
The data of Global Energy Statistical Yearbook demonstrate that 74% of the energy used in 2018 were from non renewable like Coal, Oil and Gas. With the rapid development of the human civilisation, these resource on earth will eventually run out due to high demands and low rate of reproducing the energy.
P2P is the trading of the unused energy to other party which creates profit, profit will be the mover for more people to use, to develop and reproduce the renewable energy technology.
Reference
Parth 2017, P2P Energy Trading, Parthinfosystems, retrieved 27 August 2019,<https://www.parthinfosystems.com/p2p_energy>
Infinite Energy 2019, What is Peer-to-Peer Energy Trading, Infinite Energy, retrieved 28 August 2019,<www.infiniteenergy.com.au/peer-to-peer-energy-trading/>
Power Technology 2014, The World’s Most Used Renewable Power Source, Verdict Media, retrieved 28 August 2019,<www.power-technology.com/features/featurethe-worlds-most-used-renewable-power-sources-4160168/>
Red Energy 2017, What is Solar Energy And How Does It Work?, Red Energy, retrieved 28 August 2019,<www.redenergy.com.au/understanding-energy/what-is-solar-energy-and-how-does-it-work>
Solar Choice 2011, Feeding Solar Power Back To The Grid, Solar Choice, retrieved 28 August 2019,<www.solarchoice.net.au/blog/solar-rebatesfeeding-solar-power-back-to-the-grid/>
100% renewables 2018, Peer-to-peer energy trading explained, 100% Renewables, retrieved 28 August 2019, <100percentrenewables.com.au/peer-to-peer-energy-trading/>
Enerdata Yearbook 2019, Global Energy Statistical Yearbook 2019, Enerdata, retrieved 28 August 2019,<yearbook.enerdata.net/renewables/renewable-in-electricity-production-share.html>
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