September 11 (Renewables Now) - Thailand-based multinational energy company PTT Pcl (BKK:PTT) is developing a new blockchain-based renewable energy trading platform for Thailand, the broader ASEAN region and Japan, alongside global energy blockchain nonprofit Energy Web Foundation (EWF).
The pair is working on a tool that supports renewable purchases and is compliant with the International REC Standard (I-REC). A fully commercial application, referred to as the PTT Renewables Marketplace Platform, is expected to be launched by May 2020 and it will bidirectionally sync with the I-REC database managed by the Green Certificate Company.
Prior to the launch, PTT and EWF will work on a number of already specified modules for the application. They are also discussing additions such as clean charging for electric vehicles (EVs) and a digital platform for power purchase agreements (PPAs).
The parties noted that the ASEAN region last year only had about 5 million MWh of certified I-RECs. This is less than one-half of one percent of global EAC markets and is the reason why the region is seen as an untapped market for such certificates.