A Singapore-based utility has launched a blockchain-based renewable energy certificate (REC) marketplace to allow companies around the world to trade certificates automatically without an intermediary.
RECs allow energy buyers to purchase renewable energy without being physically connected to the source of that electricity. Each certificate is usually the equivalent of 1MWh.
SP Group (formerly Singapore Power), which developed the technology in-house, says that the new platform “will drive greater integration of renewable energy sources on the electricity grid”.
