The Gpx.energy Platform enables simple Peer-to-Peer energy trading. Producers can easily pre-sell their power at a better rate while allowing consumers to buy their power directly for significantly less. gpx.energy are creating a hyper-efficient renewable energy market place to turbocharge clean energy deployment and push out fossil fuels. Be on the right side of history.The transaction applications will be accomplished through the implementation of standardized Smart Power Purchase Agreements and Proof of Ownership Smart Contracts that will auto execute once the required conditions are met and be posted to the public ledger.
The Gpx.energy global power market is currently $2.2 trillion annually1.However, today’s method for purchasing power at a wholesale and consumer level is inefficient and stuck in a different age: multiple intermediaries, black box exchanges and legal structures are involved that contribute to a bloated and slow-moving process. Consumers, large and small, mostly do not have an economical, legal or practical way to buy electricity on their own. Developers and independent owners of power projects are forced to rely on the utility to sell their power. Gpx.energy aims to eliminate these wasteful steps and inefficient intermediaries, and introduce a simple, easy to
use, and most importantly, streamlined peer-to-peer (P2P) platform to buy and sell power. Since consumers’ power prices are significantly above current solar and wind production costs, and direct PPAs are already feasible in many deregulated jurisdictions, linking the two in a simple way will result in significant cost savings for consumers. By cutting out the middleman through the GPX platform, producers will receive higher prices. Saving money on the power bill will be as easy as buying a token.
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Regulated Electricity Markets
In regulated energy markets the four segments of the supply chain outlined in Figure 11 above usually operate as a single, vertically integrated utility that own or control the entire flow of electricity from generation to meter, examples in the U.S. include Florida and Colorado28, in Europe only a small num.ber of the EU28 members opted against deregulating their energy markets, including Hungary and Estonia29.
Smart Power Purchase Agreements
Power purchase agreements (“PPAs”) are complex documents with a variety of protections built in should one party fail to meet the agreed upon terms. They take significant time and money to negotiate and implement and often a breakdown in negotiations can result in project- killing delays. The surety that the agreement will execute automatically and only when terms are met would allow the power purchase agreement negotiation process to be dramatically simplified. Once the contract is posted to the blockchain, it cannot be changed and would allow
for confidence from both parties. Therefore, this technology can facilitate a peer-to-peer power purchase agreement between producer and consumer without the need for a utility to act as a third party/clearing house. This already has been aptly demonstrated in the Brooklyn Microgrid Project where an individual with solar panels was able to sell power directly to their neighbor through a PPA49. Taken to a larger scale, industrial level renewable energy producers could use his method to directly market their product within the same region as the consumers.
The GPX Solution
The Green Power Exchange (“GPX”) is at its core a platform to trade and forward trade renewable energy, backed by real energy assets. It is an efficient market place for renewable energy producers and consumers to buy and sell electricity via smart contracts based on an underlying blockchain technology.The Green Power Exchange platform provides a standard PPA based on the jurisdiction the renewable energy power plant is located in, or allows producers to upload their own. Any uploaded contract will be vetted to ensure strict compliance to standards set by the Green Power Exchange before it is stored on the blockchain.
The Green Energy Transfer Token
The GET token is the core of the Green Power Exchange Platform. Each GET is equal to 1 kWh and is jurisdictionally dependent. This means that power sold in France cannot be consumed in the U.S., as this is not currently physically possible. However, because the token is location dependent, it can be traded within its network and presents a unique opportunity for power trading as a commodity on the GPX platform.
Forward Trading Energy
The Green Power Exchange allows for future project energy to be forward sold, meaning developers can sell power to be delivered at a future date and offer a significant discount for participation. With the Power Purchase Agreement in place, junior developers can gain access to capital more readily from lenders and ensure their projects are realized.
GET Payment Contract
This contract controls the energy payment process which interacts with smart meters and other sensors installed on the premises of energy consumers and manufacturers. Initially, GET token emissions will be performed on the Ethereum Network based on scaling needs, however, GET token emissions can also be performed in private networks. Such tokens will have the same characteristics as the GET tokens issued in the main Ethereum network, and in the future, they can even be transferred between public and private networks via the bridge nodes of the Green Power Exchange platform.
- Christian Ehrenthal, Co-Founder, Head of Technology
- Chris Wentzel, CFA, Co-Founder, Head of Energy
- Kit Harrison, Senior Manager, North America
- Alexander Ehrenthal, Senior Manager, Technology
- Tom Helliwell, Senior Manager, Europe
- Charles Palko, Operations Lead
In the main product development phase, the solution created in the MVP phase will be extended with new abilities and features. The less crucial processes will be implemented and optimized. At the end of this phase the first version of the GPX platform will be released to the general public.
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[su_quote]This article is writing on 31 March ,2018 based on information available online & news portal. If you feel it’s outdated or incorrect, please write here to update it. Mail us: [email protected] Or Whatsapp Us- 918077121282[/su_quote]
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