Following a great number of global trials, Power Ledger has recognized a need for a new product which could harness blockchain vision to provide greater transparency in data management, billing and settlement for solar assets under a power purchase agreement. The company’s new product called PPA Vision will now be launched on a 250kW PV system in Maddington, Western Australia, with the hope to further the adoption of solar across the nation.
The 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 WA-based multinational Perdaman, the PPA Vision will enable the autonomous management and settlement of energy generation and consumption under a 20-year PPA.
The renewable energy that the Maddington asset generates will be tracked 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 to provide an immutable audit trail. This will help eliminate any potential errors in under or over accounting for revenue.
“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 Power Ledger Co-founder and Executive Chairman Jemma Green. “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 since it offers an opportunity for generators to customize the energy tracking and trading software to suit the regulatory requirements of governments, local councils and businesses to assist them in reaching their renewable energy targets.
A business or a local council entering into PPA with a renewable energy generator will be able integrate directly with Power Ledger’s platform, however, those PPAs operating across the network would need to partner with an energy retailer. The technology can also be integrated with independent power producers, embedded network operators, asset developers and PV system owners.
In addition to the PPA Vision, the Maddington PV system will use Power Ledger’s environmental attributes product to automate the issuance of large scale generation certificates and to tokenize them.