Nevada’s Utilities Agency Eyes Blockchain for Energy Credit System
Nevada's Public Utilities Commission, a government agency that oversees and regulates power utility services in the state, wants to implement a block chain for energy-crediting tracking systems.
The Commission investigated last month whether Blockchain-based solutions can help track and certify Portfolio Energy Credits (PECs) in a better way to meet the provincial Renewable Portfolio Standard.
Renewable energy producers in Nevada acquire PECs that can be sold as utilities using utilities to comply with standards. A PEC represents an electricity production of 1 kilowatt-hour.
"Currently, NVTREC, the PEC tracking system, has become obsolete," PUC Chairman Ann Pongracz said in a statement on Tuesday. "NV Energy, an investment company providing services in almost every location in Nevada, no longer maintains software. There is an additional requirement for limited time resources. "
There is also a Western Renewable Energy Generation Information System, an alternative tracking system used by the Western Electricity Coordination Council. However, according to Pongracz, since it has a threshold of 1 MW (megawatt), it is not suitable for providing the value of PEC to small generators.
Bruce Breslow and Ann Wilkinson expressed support for implementing block-chain technology to address these shortcomings, but they asked staff to investigate alternative technologies.
Nevada's Public Utilities Commission of Nevada is not the first government agency to focus on block-chaining technology for better energy operations. In July, a group of four utilities, including the New York Power Authority, formed a team to study the feasibility of a smart contract on the main power system. The Arizona Corporation Commission has also begun investigating the potential of block-chain technology in the energy sector.
In March, Cognizant, a giant IT giant, said the utility space is evolving into a distributed and smart power grid,
The company has set up additional block-chain-based (for authorized personal ledgers) use cases, such as energy credit management, green energy promotion, asset optimization, payment in the micro grid, prepayment smart meters and distributed generation assets. .
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