May 23, 2019 14:03 JST

Source: Toyota Motor Corporation

The University of Tokyo, Toyota and TRENDE to Begin Testing Next-generation Electricity System
Aiming for the efficient usage of electricity, the three parties will test a system for trading electricity between individuals utilizing distributed power supplies such as solar panels, secondary batteries, and electrified vehicles.

TOKYO, May 23, 2019 - (JCN Newswire) - The University of Tokyo (UTokyo), Toyota Motor Corporation, and TRENDE Inc. will jointly conduct tests, from June 17 at Toyota's Higashifuji Technical Center and the surrounding area, on a next-generation electricity system (P2P(1) electricity transactions) that enables homes, businesses, and electrified vehicles (EVs) connected to the electricity grid to trade electricity using blockchain(2).

 


As distributed power supplies such as solar panels, secondary batteries, and electrified vehicles become increasingly widespread, Japan's electricity supply system is in a transitional state as it shifts from its traditional large-scale consolidated system to a distributed system by which individuals and businesses own their own power supply. The objective of the test is to verify the economic advantage of having prosumers(3), who generate electricity with their own distributed power supply, trade electricity with electricity consumers, via an electricity exchange market, at prices that reflect supply and demand conditions, and to assess the feasibility of a two-way, self-autonomous electricity supply system that allows direct trading with other prosumers.

Specific steps of the test include the establishment of an electricity exchange accessible by households and businesses participating in the test, and the installation of an AI-powered electricity management system (an electricity trading agent) in each household and business. The electricity trading agent places orders to buy and sell electricity in an electricity exchange based on electrical consumption and forecasts of electrical power to be generated by solar panels at households and businesses. Electricity transactions between individuals are implemented using a defined algorithm that matches buy and sell orders that are collected in the electricity exchange from each household and business.

This is the world's first(4) test for electricity trading between individuals that incorporates PHEVs as a distributed power supply, in addition to solar panels and secondary batteries. The test aims to verify the economic advantage of having electricity consumers and prosumers trade electricity through market transactions. It will also simulate electricity consignment fees based on distance(5), and verify an algorithm for predicting the electricity demands of electrified vehicles, which have varying electrical consumption levels based on cruising range.

Overview of Testing
Purpose:   Minimize electric bills through P2P electricity transactions, 
              verify feasibility as an electricity supply system.
Period:    June 17 2019 to May 2020 (one year) tentative
Location:  Toyota's Higashifuji Technical Center and the surrounding area
Monitors:  General households
             Electricity consumers (Two types: Owners and non-owners of PHEVs)
             Prosumers (Four types: Owners of only solar panels; 
                  solar panels and secondary batteries; solar panels and a PHEV; 
                  solar panels, secondary batteries, and a PHEV)
           Business locations (Solar panels and PHEV chargers)
Pricing:   Pricing varies according to supply and demand volume.
Roles:     The University of Tokyo
             Establish an electricity exchange
             Start electricity trading agent for business use
           Toyota
             Start electricity trading agent for vehicle use
           TRENDE
             Start electricity trading agent for household use
(1) This is an abbreviation for Peer to Peer, which is a mechanism for executing transactions wherein each terminal, called a node, communicates directly on an equal basis, instead of being dependent on a specific server or client.
(2) This is also called distributed ledger technology, which is used to build inexpensive databases in which all network participants share the ledger information in order to make it resistant to unauthorized modification.
(3) This term was coined by merging the words "producer" and "consumer," and refers to an electricity consumer who is also a producer of electricity using self-owned power generation equipment.
(4) As of May 23, 2019. Research conducted by TRENDE.
(5) This is a scheme for varying electricity consignment fees based on the length of the electricity transmission and distribution distance.

Contact:
Public Affairs Division
Global Communications Department
Toyota Motor Corporation
Tel: +81-3-3817-9926
Source: Toyota Motor Corporation
Sectors: Automotive, Energy, Alternatives, Alternative Energy, PE, VC & Alternatives

Copyright ©2024 JCN Newswire. All rights reserved. A division of Japan Corporate News Network.

Related Press Release


Toyota Releases Sales, Production, and Export Results for February 2024
March 28 2024 12:35 JST
 
PEVE to change name to TOYOTA BATTERY Co., Ltd. and produce batteries for a wide range of electric vehicles
March 27 2024 14:13 JST
 
Toyota to Open New Tokyo Head Office in Shinagawa in FY2030
March 22 2024 15:15 JST
 
Toyota: Clarification of the Roles of and Expectations for Outside Executives, Revision of the Independence Assessment Criteria, and the Changes to Members of the Board of Directors and the Audit and Supervisory Board Members following the 120th Ordinary General Shareholders' Meeting
March 21 2024 15:47 JST
 
Sales of Evolved GR Yaris to Start in April, While Purchasing Lotteries for WRC Driver-supervised Special Editions Start Today
March 21 2024 15:31 JST
 
TMF Collaborates with the Okinawa Prefectural Police Headquarters to Develop Accident Prevention Approaches Integrating Police Accident Data with Vehicle Data
March 19 2024 11:49 JST
 
The Future of Accessibility: Toyota Mobility Foundation and MaRS Discovery District Launch the Mobility Unlimited Hub in Toronto
March 08 2024 09:35 JST
 
TMC Strengthens Battery Production Capabilities
March 06 2024 16:25 JST
 
Hard-earned points for TOYOTA GAZOO Racing
March 04 2024 15:45 JST
 
Daimler Truck, Mitsubishi Fuso, Hino and Toyota Motor Corporation report progress on the collaboration based on the Memorandum of Understanding
March 01 2024 20:30 JST
 
More Press release >>

Latest Press Release


More Latest Release >>