Australia steps closer to renewable energy procurement standardisation

This article was first published on WePower - Medium
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We’ve made the monumental step in democratizing Australia’s energy market.

People Energy and QEnergy have executed a Power Purchase Agreement (PPA) on WePower’s renewable energy procurement and trading platform.

Under the ten-year contract valued at more than A$10 million, QEnergy has purchased the equivalent of 100% of the energy production from a 9.4 MWP solar PV power plant located in Robinvale, Victoria.

This deal sets an example for the entire renewable energy industry. It is the first time a PPA transaction was executed using a fully standardised and digitized contractual architecture, enabled by WePower’s energy tokenisation technology.

Having procured a digitized PPA, QEnergy will be able to offer its customers innovative retail PPA-based products via WePower’s secondary market. This will reduce the cost of such retail products while providing customers with an unprecedented level of transparency and insight into their renewable energy usage.

We are very excited to work with innovative energy companies like People Energy and QEnergy, who are pushing the boundaries of Australian energy retailing. The standardisation and digitisation of energy procurement is an inevitable path which renewable energy development sector has to take, or it will soon face significant challenges.

It is the first time a PPA transaction was executed using a fully standardised and digitized contractual architecture, enabled by WePower’s energy tokenisation technology.

People Energy’s Director Max Scalia stated: “The WePower platform presents an opportunity for us to optimise our wholesale energy procurement strategy in a challenging commercial environment for small non-vertically integrated market participants”.

QEnergy’s COO Craig Mallory stated: “QEnergy is excited to be participating in this process and we look forward to being able to offer innovative and cost-effective products to our retail customers”.

From a financial standpoint, renewable energy has already become a highly competitive alternative to traditional fossil fuel-based energy production. This, coupled ...

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