Renewable Energy Sector in Nevada, Western Mountain region of USA, is working on Blockchain Technology Implementation
The government agency of the Nevada, US, Public Utilities Commission, is banking hard to implement Blockchain Technology for its Energy Credit Tracking System.
The government agency in Nevada responsible for the supervision & regulation of the power utility services is banking hard itself to implement the Blockchain Technology in its Energy Credit Tracking System to ease the Energy Renewable tracking smoother & convenient in the state. The commission has been on research & study of the working & uses of the Blockchain based solutions which would in help in future for tracking & certifying the Portfolio Energy Credits (PEC’s) in a more efficient & better way to meet the state’s standards of Renewable Portfolio. The commission will work on the improvement of Renewable Energy.
In an attempt to overcome some of the shortfalls of the Renewable Energy generators, the agency’s Commissioner Bruce Breslow & Chairman Ann Wilkinson have come forward in the support of the implementation of Blockchain Technology in the PEC (Portfolio Energy Credit) but at the same time has asked its employees & engineers to work on other alternatives to blockchain.
Public Utilities Commission of Nevada is not the first government agency with the thought of Blockchain Technology implementation in its project for the betterment of the energy operations. Before Nevada PUC, four major groups in the energy sector have used Blockchain in their respective projects & utilities. To name with the New York Power Authority used blockchain based smart contracts for the states power system. To follow the line of the path, Arizona Corporation Commission inherited the potential of Blockchain for the state’s energy sector.
Nevada’s Renewable Energy producers earn PEC’s which can be sold to utilities which in turn can be used to comply with the Portfolio Standard. PUC Commissioner Ann Pongracz in a public statement voiced that :
“The current PEC tracking system, NVTREC, is becoming obsolete, investor-owned NV Energy, the utility company that serves almost all of Nevada, no longer maintains the software and that is putting additional demands on commission staff’s limited time resources.
There is also an alternative tracking system, the Western Renewable Energy Generation Information System, which is used in the Western Electricity Coordinating Council. But it has a threshold of 1 MW (megawatt), which makes it “not well suited to providing the value of PECs to smaller generators.”
The firm has also expressed & sighted various blockchain-based (both permissioned and private ledgers) use cases – such as energy credit management, the promotion of green energy, asset optimization, payments within microgrids, prepaid smart meters and payments to distributed generation asset owners.
This mode of adoption of Blockchain Technology in the Energy Sector is declaring the utility space which is evolving into a distributed & smart power grid.