The Australian peer-to-peer energy-trading pioneer has purchased a 250 kW PV system that will utilize its new energy data management and settlement system to provide greater visibility on renewable energy sold to consumers under 20-year power purchase agreements.
From pv magazine Australia
Following a number of global trials, Power Ledger has recognized a need to introduce a new product that could harness blockchain technology to provide greater transparency in data management, billing and settlement for solar assets under power purchase agreements (PPAs). The company’s new product, PPA Vision, will be launched at a 250 kW PV system in Maddington, Western Australia.
PPA Vision is designed for renewable energy assets such as rooftop solar panels, as well as cross-grid PPA supply arrangements. In the case of the Maddington PV system – which Power Ledger has purchased from Perdaman Advanced Energy, a subsidiary of Western Australia-based multinational Perdaman – PPA Vision will enable the autonomous management and settlement of energy generation and consumption under a 20-year PPA.
It will track the electricity that the Maddington project generates by using blockchain technology to provide a verified audit trail for energy generated, energy bought from the grid, energy consumed, and energy dispatched to the grid, in order to provide an immutable audit trail. This will help to eliminate any potential revenue-calculation errors.
“Our trials with energy retailers and governments around the world have highlighted the demand for a product that enabled autonomous management and settlement of energy generation and consumption,” said Jemma Green, the co-founder and executive chairwoman of Power Ledger. “Traditional metering and billing systems can be inaccurate, Power Ledger’s technology prevents loss of revenue and overcharging simultaneously.”
PPA Vision appears to be very flexible, as it offers the opportunity for generators to customize the energy tracking and trading software to suit the regulatory requirements of governments, local councils and businesses. A business or a local council entering into a PPA with a renewable energy generator will be able to integrate directly with Power Ledger’s platform.
However, PPAs operating across a network will need to partner with energy retailers. The technology can also be integrated with independent power producers, embedded network operators, asset developers, and PV system owners.
In addition to PPA Vision, the Maddington PV system will use Power Ledger’s environmental attributes product to automate the issuance of large-scale generation certificates and tokenize them.
Source: pv magazine