Thai state-owned oil and fuel firm PTT and blockchain vitality nonprofit Energy Web Foundation (EWF) are collectively constructing a blockchain-based renewables platform.

According to a press launch shared with Cointelegraph on Sept. 11, the events are growing a regional resolution primarily based on the Energy Web Chain. The new product may also be compliant with the International Renewable Energy Certificate (I-REC) Standard, which certifies renewable vitality sources.

I-REC certificates demand

Energy producers can apply for I-REC monitoring certificates from an issuer appointed by a authorities or commerce group. Once the tickets are submitted to a central registry, vitality suppliers and purchasers can show the renewable origin of vitality by redeeming the certificates. 

Last 12 months, Thailand reportedly produced about 28 million megawatt hours (MWh) of fresh electrical energy, whereas simply zero.16 million I-REC MWhs had been issued. EWF CEO Jesse Morris stated that the blockchain-based platform will assist to attach provide and demand for the certificates.

Worawat Pitayasiri, the senior government vp of innovation and digital at PTT, stated that the platform will profit company renewable patrons and vitality builders, including:

“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 vitality platforms achieve traction

Just lately, Australian blockchain vitality startup Power Ledger launched its first trial of peer-to-peer vitality buying and selling know-how in rural areas to assist outlying business settlements and farms enhance the effectivity of their energy grid and cut back related prices.

The United States Department of Energy awarded a $1.05 million grant in August to organizations working to commercialize a blockchain-based vitality transaction platform. 

At the time, Dr. Amin Khodaei, chairman of and laptop engineering division on the University of Denver, stated:

“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.”

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