On August 25th, the Australian blockchain firm Power Ledger made a statement announcing the birth of a new marketplace, ideal for trading renewable energy certificates (RECs) across the Southeast Asian region, and part of Thailand.
The project is extremely linked to Power Ledger’s long terms collaboration with Thai RENEWABLE ENERGY firm BCPG. Their earliest joint project was set in 2018, a moment on which a conducted peer to peer renewable energy trial was led by both companies in one of Bangkok’s precincts.
Since then, Power Ledger has worked together with BCPG, and the Thai Digital Energy Development (TDED), and started the development of a blockchain platform intended to distribute and adopt green energy sources in the country.
Their primary plan is to use the blockchain platform to pioneer the rec marketplace that expands through the entire region. This is a very smart move considering the uprising interest in cryptocurrencies in the area.
BCPG plans to sell its RECs based on meter readings derived from the peer-to-peer platform in a REC marketplace that covers all Southeast Asia and an important part of Thailand. The whole operation, which includes: issuing, trading, and retiring the certificates will be recorded on the blockchain.
What is a REC?
A REC is a market-based instrument carefully designed to bring an economic incentive for electricity generation and consumption from green energy sources to organizations in a much easier way.
“Organizations want to make sure any REC purchased hasn’t already been used, as well as for settling that transaction quickly,” said Dr. Green. “Power Ledger’s blockchain-enabled technology provides a secure and accountable platform that can audit and streamline the buying and selling of renewable energy.”
The I-REC is building its reputation from the North American REC market, where Power Ledger recently partnered with the Midwest Renewable Energy Tracking System (M-RETS), and Clearway Energy Group to create a REC marketplace for North America.
“We’re looking forward to building on our work in the United States and replicating a similar effective model in the Asian market,” said Dr. Green. “Power Ledger has built a platform that can process high-volume REC transactions, ultimately helping companies meet their greenhouse gas emissions targets.”
The International REC Standard Brings a Global Standard for Energy Attribute Tracking
These themes are being discussed by a high number of organizations expressing special interest and wanting to play a bigger role in the BCPG-Power Ledger project. “As a leading green energy producer in the Asia Pacific, we are excited to be the pioneer of REC trading in Thailand and the Asia Pacific, and create an expansion of our digital energy solutions using Power Ledger’s blockchain technology,” said BCPG President and CEO Mr. Bundit Sapianchai. “We believe that the REC marketplace will help promote the use of renewable energy and make the market more sustainable”.
The International REC Standard brings a global standard for energy attribute tracking: each REC charged gives proof that renewable energy is in the production process; exactly 1 megawatt of renewable energy is produced. This is an effective way to create safe improvements, and give enough sustainability to encourage governments, and other important companies to reduce emissions and help to care about nature.
By: Jenson Nuñez.
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