In the initial phase of this programme, running from May to November 2023, we have developed a cohesive, beneficial and achievable use case. The project has also agreed recommendations for the infrastructure, consent mechanism, data sources, data quality, and other technical considerations required.
Commercial partners have created internal demonstrations of how the Perseus Implementation will function with their software applications. We have created a prioritised roadmap for implementation, and a sandbox environment that demonstrates the technical infrastructure that enables secure data flow.
The Perseus 2023 Report — Automating sustainability reporting
What is the use case? What data does it involve?
The initial use case for Perseus revolves around SME electricity consumption data being shared with the SMEs’ lenders, so they can better understand their customers and support them on their decarbonisation journey.
With explicit permission from the SME, half-hourly data from their smart meter is combined with local grid emissions factors to provide a detailed dataset of electricity-related emissions recorded in their carbon accounting platform. Under the same permission, the emissions data is provided to the SME’s bank along with an auditable record of how it was derived.
While the SME is freed from the administrative burden of manual data entry and gains access to financing opportunities, the financial institution achieves greater insight into its financed emissions, can better comply with reporting requirements, and can make plans to decarbonise its portfolio in pursuit of Net Zero commitments.
How does it work?
Following the diagram above from left to right, here is how Perseus enables data to flow through the system and generate trusted emissions reports for SMEs.
- The electricity mix varies by time and location depending on renewable generation and demand.
- Half-hourly grid carbon intensity data (historical and 48-hour forecast) is available, broken down by DNO (distribution network operator) region
- Energy suppliers sell electricity to customers. Customer consumption data (crucially smart meter data) is managed by various parties, with the data access rules overseen by the Retail Energy Code, Smart Energy Code, and Ofgem.
- The SME consumption data is held and managed by a data aggregator. Perseus enables the SME to provide this aggregator with permission, conditional upon terms agreed by all Perseus members, to share aspects of this data for the purpose of automated emissions reporting.
- Software applications used for carbon accounting and reporting ingest both electricity consumption and grid intensity data to calculate half-hourly emissions values for each SME
- Carbon accounting applications share emissions data with the SME’s bank, again with permission from the SME
The data source and processing activities from smart meter to bank are recorded alongside the data outputs, building an audit trail for the emissions data to ensure it may be used confidently.