Corporations and governments around the world are purchasing more renewable energy. The most common way to do this is to sign contracts for the purchase of power from renewable power producers. Blockchain offers a potential opportunity to streamline and simplify these complex agreements. Here are two companies developing blockchain-based power purchase agreements for renewable energy.
WePower Network – Blockchain Power Purchase Agreements
WePower Network is one of the most well-known examples of a company using blockchain to improve power purchase agreements in the renewable energy industry. They are developing an auction platform to allow customers to pre-purchase power from a renewable power plant before it is developed. WePower has made steady progress over the past few years and recently secured investment from Marubeni Corporation. WePower has announced aggressive plans to host auctions in the past, but has not yet completed a successful auction.
WePower Network has a token WPR that is traded on multiple cryptocurrency exchanges. Read this post for more information on how to purchase WPR tokens.
ImpactPPA – Blockchain Power Purchase Agreements
In their own words, “ImpactPPA is a blockchain based technology platform that will transform the global energy marketplace allowing consumers of energy to “Pre-Pay” for electricity from a mobile device.” Similar to WePower, the general idea is to allow customers to pre-pay for electricity. This allows developers of electricity projects to have guaranteed revenue before financing and developing projects. ImpactPPA is focused on developing countries and people without access to electricity. They currently have ongoing or planned pilot projects in South America, Africa, and India.
Other Uses For Blockchain In The Energy Industry
Power purchase agreements are not the only use-case for blockchain in the renewable energy industry. See this article for more potential areas that blockchain can add value to the energy sector. Power purchase agreements are a form of “smart contract.” There are plenty of companies developing smart contract platforms that could potentially be useful for blockchain-based power purchase agreements or other aspects of the energy industry.
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