Power Ledger to launch a marketplace for trading renewable energy credit
- Power Ledger will launch a marketplace for trading renewable energy certificates (REC).
- The firm had earlier partnered with renewable energy firm BCPG to work on the project.
- Power Ledger will store all REC trading data on a blockchain platform.
Blockchain company Power Ledger has recently announced a marketplace for trading renewable energy certificates (REC) across the Southeast Asian region. The firm had earlier collaborated with BCPG to work on the project. BCPG is the renewable energy arm of the BCP Group, a Thai state-controlled energy company.
Power Ledger had worked with BCPG and the Thai Digital Energy Development (TDED) to develop a blockchain-based digital energy platform to drive the adoption of green energy sources in Bangkok. Power Ledger and BCPG are now planning to use the blockchain platform to develop a REC marketplace that extends its services to the broader region.
BCPG intends to sell its RECs (based on meter readings secured from the P2P platform) in a marketplace spread across Southeast Asia. The entire process of issuing, trading and retiring the certificates will be recorded on the blockchain.
An REC is a market-based instrument that provides enterprises with an economic incentive for consumption from green energy sources and electricity generation. Each REC represents one megawatt of renewable energy that has been produced. Many people claim that REC certificates are an effective way to improve sustainability.
The security surrounding the certificates’ circulation and transaction history is an essential aspect of buying and selling RECs. According to Dr. Jemma Green, the co-founder of Power Ledger, blockchain technology can support secure and auditable trading in the sector without the need for brokers serving as mediators. Power Ledger has extensively developed blockchain-based tools designed to support renewable asset financing, energy trading and efficient renewable energy credit markets.
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