Thai PTT and Energy Web Foundation to develop blockchain renewable energy market
Thailand’s state-owned energy company PTT and the Energy Web Foundation (EWF), a non-profit energy company, have collaborated to develop a blockchain-based renewable energy system.
According to a Press release, the two companies plan to create a regional energy solution based on the Energy Web Chain, a new public “proof of authority” blockchain based on Ethereum. The product also complies with the International Renewable Energy Certificate (I-REC) standard, which provides certificates to ensure that renewable energy sources are legitimate.
“The market that we are jointly developing with PTT will help connect the supply and demand that we know to be there, while doing so with the data transparency, reporting credibility and ease that are so important to emerging countries. [energy attribute certificate] EAC Markets“said Jesse Morris, Commercial Director of EWF.
An issuer appointed by a government or commercial organization can provide I-REC tracking certificates to power producers. Co-telegraph Noted that once the tickets are sent to a central registry, energy suppliers and buyers can prove the renewable origin of energy by redeeming the certificates.
“Certificates are the primary means by which nations certify that they are meeting their renewable energy goals; how electric utilities certify they meet renewable energy policy and regulatory standards, and how companies report meeting sustainability and renewable energy goals“, Morris Recount Decrypt.
So far Thailand and its neighbors have been untapped markets for RECs that meet international standards. However, in recent years the country has moved towards greater consumption of clean energy. In fact, in 2018 Thailand produced nearly 28 million megawatt hours of clean electricity, and that number is expected to double by 2037.
The proposed REC blockchain is expected to go live by May 2020.
Last month, the Congressional Research Service released a report that examines the pros and cons of using blockchain in the energy industry. The report notes that launching a blockchain solution can make an energy system more transparent, efficient and flexible for customers.
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