POWERIQ

AI-Powered Risk Detector for Energy Contracts

Comment

Inspiration

Renewable energy developers and financiers frequently face challenges when entering into complex contracts such as Power Purchase Agreements (PPAs), Engineering Procurement and Construction (EPC) contracts, and Operation & Maintenance (O&M) agreements.

These contracts often contain vague or risky clauses in areas like Force Majeure, Termination, and Pricing Structures that may not align with industry standards.

What it does

PowerIQ is an AI-Powered Risk Detector for Energy Contracts

How we built it

We used ReactJS, Open AI and Node

Accomplishments that we're proud of

Built a live MVP with a short amount of time.

What's next for POWERIQ

  1. Improving Risk Analysis with AI: Train a Model on Labeled Data: Collect contracts labeled as "high risk" or "low risk" for specific clauses. Fine-tune an LLM or use custom machine learning models.
  2. Use Rule-Based Algorithms: Implement regex-based matching or rule-based systems for detecting specific risks (e.g., missing clauses or ambiguous terms).
  3. Leverage External APIs: Integrate legal databases or APIs for cross-referencing compliance standards.
  4. Define Risk Criteria: Collaborate with legal or energy domain experts to establish clear criteria for risk assessment.
  5. Refine the Code: Incorporate domain-specific rules or train a model for better predictions.
  6. Test and Validate: Use a dataset of real-world contracts to evaluate the accuracy and practicality of this system.

Built With

Share this project:

Updates