Singapore Power Unveils Blockchain Market for Renewable Energy Trading

Singapore's energy utilities provider has launched a blockchain-powered marketplace for trading renewable energy certificates.

Oct 29, 2018 at 1:00 p.m. UTC
Updated Sep 13, 2021 at 8:32 a.m. UTC

Singapore Power Group, the country's energy utilities provider, has launched a blockchain-powered marketplace for renewable energy certificates (RECs).

The company announced in a press release Monday that the platform is "designed and built in-house" and enables organizations to trade in RECs – tradable certificates that represent energy generated from renewable sources such as solar. Blockchain technology, it says, bring the platform "security, integrity and traceability of each REC transaction."

When an entity purchases RECs, renewable energy is generated on their behalf by producers. The release says that buyers are automatically matched with sellers on the blockchain platform, helping companies to achieve their sustainability targets.

"Through blockchain technology, we enable companies to trade in renewable energy certificates conveniently, seamlessly and securely, helping them achieve greener business operations and meet their sustainability targets," said Samuel Tan, chief digital officer at Singapore Power.

According to the group, the first buyers to have signed up on its blockchain platform are City Developments Limited (CDL) and DBS Bank. Solar power developers such as Cleantech Solar Asia and LYS Energy Solutions have also already joined the platform as sellers. Katoen Natie Singapore, which is expected to launch a solar facility in the country soon, has also joined as an REC seller.

Earlier this month, the Public Utilities Commission of Nevada, the government agency charged with supervising and regulating power utility services in the state, said it was looking to implement blockchain for its energy credit tracking system.

Solar farm image via Shutterstock

The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
Crypto’s Credibility Problem – and How to Solve It

CoinDesk - Unknown
2
CoinDesk - Unknown
First Mover Americas: Bitcoin Heads for Record 8-Week Losing Streak

The latest moves in crypto markets in context for May 20, 2022.

The latest moves in crypto markets in context for May 20, 2022.

CoinDesk - Unknown
3
CoinDesk - Unknown
The Fall of Terra: A Timeline of the Meteoric Rise and Crash of UST and LUNA

A detailed timeline of Terra's journey from its underdog start as a payments app in South Korea to a $60 billion crypto ecosystem to one of the biggest failures in crypto.

A detailed timeline of Terra's journey from its underdog start as a payments app in South Korea to a $60 billion crypto ecosystem to one of the biggest failures in crypto.

CoinDesk - Unknown
4
CoinDesk - Unknown
The Future of Blockchain Technology: Building It Decentralized, Secure and Efficient

The core challenges facing the crypto community as they strive toward mass adoption.

The core challenges facing the crypto community as they strive toward mass adoption.

CoinDesk - Unknown