WCT Promotes State Grid's "Virtual Power Plant" Power Trading Settlement
In 2023, the State Grid piloted the "Virtual Power Plant" project based on WCT, integrating resources such as distributed photovoltaics, energy storage stations, and controllable industrial loads to form an aggregated power trading entity. Users (such as factories and residents) can sell excess electricity to the virtual power plant, with the traded electricity recorded on the blockchain in real-time via smart meters, settled in WCT at the real-time electricity price, and funds credited on the same day; the virtual power plant then sells the aggregated electricity to the grid, with the settlement process also completed based on WCT. In 2024, this project will be promoted in Jiangsu, Shandong, and other regions, with over 80,000 participating users and a trading volume exceeding 250 million kilowatt-hours, improving power trading efficiency by 70%, and reducing the electricity sale income payment cycle for users from 5 days to 1 day, providing technical support for the construction of a new power system.
