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Are Power Monitoring Expert Activation IDs backwards compatible with previous versions?

Issue
When a PME license is generated it will typically be a license for the latest version of PME. If it is being applied to a system with an older version of PME it is necessary to know if the license will be compatible.

Product Line
Power Monitoring Expert 8.2
Power Monitoring Expert 9.0+
Power Monitoring Expert 2020
Power Monitoring Expert 2021
Power Monitoring Expert 2022
Power Monitoring Expert 2023

Environment
Activation IDs & PME Licensing

Resolution
Due to changes in the way licenses are processed within the PME software, PME 2023 licenses are only backward compatible with PME 2021 and up.
PME 2020 licenses are backward compatible with the versions of PME from PME 8.0 to PME 2020.

Note: Older licenses do not work with the later versions. For example, PME 9.0 licenses do not work in PME 2020, and a PME 2022 license will not work in PME 2023.