Thai state-owned oil and gas company PTT and blockchain energy nonprofit Energy Web Foundation (EWF) are jointly building a blockchain-based renewables platform.
According to a press release shared with Cointelegraph on Sept. 11, the parties are developing a regional solution based on the Energy Web Chain. The new product will also be compliant with the International Renewable Energy Certificate (I-REC) Standard, which certifies renewable energy sources.
I-REC certificate demand
Energy producers can apply for I-REC tracking certificates from an issuer appointed by a government or trade organization. Once the tickets are submitted to a central registry, energy suppliers and purchasers can prove the renewable origin of energy by redeeming the certificates.
Last year, Thailand reportedly produced about 28 million megawatt hours (MWh) of clean electricity, while just 0.16 million I-REC MWhs were issued. EWF CEO Jesse Morris said that the blockchain-based platform will help to connect supply and demand for the certificates.
Worawat Pitayasiri, the senior executive vice president of innovation and digital at PTT, said that the platform will benefit corporate renewable buyers and energy developers, adding:
“It will better match demand with available supply, help corporate buyers to achieve their sustainability goals more easily, create a supplemental revenue stream for already-operating renewable energy assets, and unlock new investment in additional renewable energy throughout the region.”
Peer-to-peer energy platforms gain traction
Just recently, Australian blockchain energy startup Power Ledger launched its first trial of peer-to-peer energy trading technology in rural areas to help outlying commercial settlements and farms improve the efficiency of their power grid and reduce associated costs.
The United States Department of Energy awarded a $1.05 million grant in August to organizations working to commercialize a blockchain-based energy transaction platform.
At the time, Dr. Amin Khodaei, chairman of the electrical and computer engineering department at the University of Denver, said:
“The growing proliferation of distributed energy resources calls for advanced management frameworks that support peer-to-peer communications while being fast, scalable and secure […] Now is the time to develop and demonstrate the technologies that can make a more sustainable and resilient future possible.”