Renewable energy trading in Singapore runs on blockchain
The Singapore Power Group (SP) has initiated a marketplace, powered by blockchain, for renewable energy certificates (RECs).
In a statement, the utilities provider said the blockchain-based platform, which was unveiled at the ASEAN Energy Business Forum, will help SP increase transparency and efficiency in its processes in REC transactions.
Samuel Tan, chief digital officer at SP, said, “Through blockchain technology, we enable companies to trade in renewable energy certificates conveniently, seamlessly and securely, helping them achieve greener business operations and meet their sustainability targets.”
The new trading system will enable various organizations trade in RECs, which are considered tradable, non-tangible energy commodities. According to information on the U.S. Environmental Protection Agency (EPA), “RECs are issued when one megawatt-hour (MWh) of electricity is generated and delivered to the electricity grid from a renewable energy resource.”
SP’s blockchain-powered marketplace will support local, regional and international RECs, as well as different supply options such as types of sellers and renewable energy sources.
The platform will match buyers and sellers automatically according to their preferences, helping companies achieve their sustainability targets, according to the utilities provider. So far, SP has already signed its first contracts with City Developments Limited (CDL) and DBC Bank (DBS), while solar developers including Cleantech Solar Asia, LYS Energy Solutions and Katoen Natie Singapore have also agreed to place their solar assets on the SP marketplace for sale of RECs.
With its blockchain-powered marketplace, SP hopes to help big and small organizations achieve their green targets while also strengthening cross-border sustainability efforts.
This is not the first time Singapore involving itself in blockchain-powered energy solutions. Early this month, a decentralized peer-to-peer electricity network that would allow its users to produced and trade renewable energy was announced by SkyLedger. States like Nevada are also involved in blockchain powered energy. The Public Utilities Commission of Nevada announced earlier this month that it will be implementing the blockchain in its energy credit tracking system.
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