Sat Feb 07 10:00:00 UTC 2026: ### Wits University Spin-Off, Peco Power, Wins Global Energy Award for Innovative Electricity Trading Model

The Story:
Peco Power, a company originating from Wits University in South Africa, has secured a major victory at the Institute of Electrical and Electronics Engineers’ (IEEE) Empower a Billion Lives competition. The company won the Energy Supply Track award for its peer-to-peer electricity trading model, designed to improve access to electricity in underserved communities. The competition, launched in 2019, aims to recognize and reward scalable solutions addressing the electricity access gap, which currently affects over a billion people worldwide.

Peco Power’s winning solution allows households to share electricity locally, creating a network that can expand electricity access throughout a community. The recognition includes a $50,000 prize, which will be used to accelerate deployments, refine the solution, and expand access to more communities.

Key Points:

  • Peco Power, a Wits University spin-off, won the IEEE’s Empower a Billion Lives competition in 2026.
  • Their peer-to-peer electricity trading model allows households to share electricity locally, expanding access in underserved communities.
  • The company won the Energy Supply Track award.
  • The prize includes $50,000 to be used for further development and deployment.
  • Only 87.7% of South Africa had access to electricity in 2023, highlighting the ongoing need for innovative solutions.
  • Grid capacity limitations hinder the expansion of electricity access in South Africa.

Critical Analysis:
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Key Takeaways:

  • African-developed solutions can compete and win on the global stage in the energy sector.
  • Peer-to-peer electricity trading models offer a promising approach to addressing electricity access challenges in underserved communities.
  • Grid capacity limitations remain a significant obstacle to universal electricity access in South Africa.
  • The IEEE Empower a Billion Lives competition plays a vital role in identifying and supporting innovative energy solutions.
  • Investment in and deployment of solutions like Peco Power are crucial for improving access to electricity and fostering development.

Impact Analysis:
Peco Power’s success signifies a critical advancement in addressing energy poverty. Their peer-to-peer model offers a decentralized and potentially more resilient alternative to traditional grid expansion, particularly in areas where grid infrastructure is lacking or insufficient. The $50,000 prize, though modest, can serve as a catalyst for accelerating deployments and attracting further investment. The recognition from IEEE also enhances Peco Power’s credibility and visibility, potentially leading to broader adoption of their solution, not just in South Africa but also in other regions facing similar energy access challenges. This success could spur further innovation and investment in localized energy solutions, contributing to a more sustainable and equitable energy future for underserved communities globally.

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