Thailand's state-owned oil and gas group PTT and the blockchain energy non-profit organization Energy Network Foundation (EWF) are jointly building a blockchain-based renewable energy platform.
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According to a press release issued on September 11, the two parties are developing a regional solution based on the Energy Web Chain. This new product will also comply with the International Renewable Energy Certificate (I-REC) standard – used to prove to be a renewable energy source.
I-REC certificate requirements
Energy producers can apply for an I-REC tracking certificate from a government or industry-designated certification authority. Once the application is submitted to a central registry, energy suppliers and purchasers can prove the source of renewable energy by redeeming the certificate.
According to reports, Thailand produced about 28 million megawatt-hours (MWh) of clean electricity last year, and only issued 160,000 I-REC MWhs. EWF CEO Jesse Morris said that a blockchain-based platform will help connect the supply and demand of certificates.
Worawat Pitayasiri, senior executive vice president of innovation and digital at PTT, said the platform will benefit enterprise renewable energy buyers and energy developers.
“It will better match demand with available supply, help business buyers more easily achieve sustainable development goals, create additional revenue streams for already operating renewable energy assets, and release additional renewables throughout the region. New investment in energy."
P2P energy platform gains attractiveness
Just recently, Australian blockchain energy startup Power Ledger launched the first p2p energy trading technology trial in rural areas to help commercial settlements and farms in remote areas improve grid efficiency and reduce associated costs.
In August, the US Department of Energy provided $1.05 million in funding to an organization dedicated to commercializing blockchain energy trading platforms.
At the time, Dr. Amin Khodaei, head of the Department of Electrical and Computer Engineering at the University of Denver, said:
“The growing use of distributed energy requires an advanced management framework that supports peer-to-peer communication while being fast, scalable and secure… Now is the time to develop and demonstrate technology that will make a more sustainable and resilient The future is possible."