The new solution is a form of performance monitoring software designed to provides energy buyers the ability to manage, analyze and respond to their projects in real time.
The solution from LevelTen Energy is web-based (utilizing the cloud) and it is designed to be used for the two-sided renewable energy marketplace. The solution offers a data-driven approach to improve the outdated and opaque renewable energy buying process. The Performance Monitoring Software is a continuation of the LevelTen Energy’s efforts to modernize and democratize clean energy buying.
Around 100 U.S. corporations have signed a record-breaking number of power purchase agreements in this past year. Simply put, a power purchase agreement (PPA), or electricity power agreement, is a type of contract between two parties. With this scenario, one party generates electricity (the seller) and the other looks to purchase electricity (the buyer).
Many of these agreements are based on the supply of renewable energy and therefore fit into the ‘green’ energy movement, such as with solar, tidal or wind power. According to Solar Magazine, rising pressure from consumers and advocacy groups to address climate change and environmental pollution, along with government policy mandates, is adding to the trend whereby corporations are seeking cleaner supplies of energy.
The LevelTen Energy option provides a new way to manage, analyze and respond to green energy projects and portfolios in real time. Without these types of options, corporations have to compile and analyze spreadsheets of data from multiple sources to understand project performance, which is a relatively a time-consuming process.
The solution provides data based on several key metrics, including environmental data, such as the number of renewable energy certificates a company has received. The software can also assess the likely emissions impact of the project. Performance data can assess the megawatt hours of energy each wind turbine or solar panel is producing and there is a
customized dashboard based on the price and terms of the agreement, which can assess how much each corporation will owe – or receive – at the settlement period.
Commenting on the new software, Andrew Bishop, Director of Product at LevelTen Energy, says: “LevelTen’s team of software developers, data analysts and energy industry veterans worked together to bring this process to the cloud. By providing instant access to a comprehensive dashboard of performance data, we’re giving corporations the tools they need to more effectively manage their PPAs.”
