Bangkok, Thailand, and Zug, Switzerland — September 11, 2019 — Today, Thailand-based multinational energy conglomerate PTT and global energy blockchain nonprofit Energy Web Foundation (EWF) jointly announced the development of a new blockchain-based renewables platform. The application will be built on the Energy Web Chain and leverage the EW Origin family of open-source software development toolkits to create a regional solution compliant with the International REC Standard (I-REC).
PTT is responding to strong corporate demand for renewable energy certificate (REC) options in Thailand and the broader ASEAN region. Multinational corporations are looking to buy regionally sourced RECs matched to their demand from existing and new facilities in the region. Many are also looking for ways to better enable and track sustainability commitments down through their supply chains, whose operations are often based in Thailand and neighboring countries. And some are interested to accelerate clean energy access, including residential rooftop solar (which is not usually part of the menu of options for corporate renewables procurement).
In such emerging renewables markets as Thailand and ASEAN more broadly, I-REC has proven the standard of choice. PTT and EWF’s new blockchain-based solution will bidirectionally sync with the I-REC database managed by the Green Certificate Company.
“This new platform will benefit both corporate renewable energy buyers and renewable energy developers,” explained Worawat Pitayasiri, senior executive vice president, Innovation and Digital, PTT Plc. “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. We are proud to create this journey and unleash the potential of renewables in Thailand and the region.”
To date, Thailand and the ASEAN market more generally have largely been an untapped market for I-RECs. In 2018, some 1.2 billion energy attribute certificates (EACs) were traded globally. Yet renewable energy certificates (RECs) in the United States and guarantees of origin (GOs) in Europe accounted for the overwhelming majority of global EAC market activity. The ASEAN region only had about 5 million MWh of certified I-RECs, which represents less than one-half of one percent of global EAC markets.
In Thailand specifically, last year renewable energy provided about 28 million MWh of clean electricity, yet just 0.16 million I-RECs (MWh) were issued. This is a huge untapped opportunity, and one that is only expected to grow: by 2037, according to Thailand’s Power Development Plan 2018, Thailand is forecasted to almost double renewable energy generation. This suggests a compelling business opportunity to close the revenues gap between renewable energy production and I-REC issuance for producers in Thailand and across ASEAN.
“This scenario is tailor-made for a blockchain-based ‘leapfrog’ solution,” said Jesse Morris, chief commercial officer of EWF. “The marketplace we’re co-developing with PTT will help to connect the supply and demand that we know is there, while doing so with the data transparency, reporting credibility, and ease that is so important to emerging EAC markets.”
PTT has already demonstrated a successful transaction on an early test version of the application. GPSC’s 5 MW solar farm located at the Chanthaburi Shrimp Farmer Cooperative successfully transferred 431 I-RECs (MWh) via PTT’s renewables platform and the Energy Web Chain to 3Degrees, a San Francisco-based trading house that was procuring the I-RECs on behalf of a client in Thailand. PTT and 3Degrees are both EWF Affiliates.
Now the teams are focused on building several modules for the application: a user and asset connection to the blockchain application; in collaboration with I-REC Standard a blockchain integration with I-REC’s registry; a marketplace for trading, claiming, and reporting issued certificates; and a solution for small solar PV generators to enable streamlined aggregation and participation in I-REC markets. Additional modules are also in discussion around clean charging for electric vehicles and a digital platform for power purchase agreements (PPAs). This will be a state-of-the-art digital renewables marketplace and a first-of-its-kind, blockchain-based I-REC platform for Thailand. The target delivery date for the complete PTT Renewables Marketplace Platform is May 2020.
Renewable energy developers, corporations looking to source I-RECs in the region, and other interested parties are encouraged to contact PTT and EWF to learn more.
PTT conducts integrated energy and petrochemical business as Thailand’s energy company. PTT’s mission is to equally respond to all stakeholders, including Thailand, community and society, shareholders, customers, business partners, and employees. PTT’s core values, called “SPIRIT”, include synergy, performance excellence, innovation, responsibility for society, integrity and ethics, and trust and respect. PTT’s aspiration is to be the Pride and Treasure of Thailand. PTT’s businesses also address the U.N. Sustainable Development Goals.
For more, visit http://www.pttplc.com
About Energy Web Foundation
Energy Web Foundation (EWF) is a global, member-driven nonprofit accelerating a low-carbon, customer-centric electricity system by unleashing the potential of blockchain and decentralized technologies. EWF focuses on technology integration and development, co-creating standards and architectures, speeding adoption, and building community.
In mid-2019, EWF launched the Energy Web Chain, the world’s first enterprise-grade, open-source blockchain platform tailored to the sector’s regulatory, operational, and market needs. EWF also fostered the world’s largest energy blockchain ecosystem, comprising utilities, grid operators, renewable energy developers, corporate energy buyers, and others.
The Energy Web has become the industry’s leading energy blockchain partner and most-respected voice of authority on energy blockchain.
For more, visit https://energyweb.org.
Peter Bronski, Energy Web Foundation
+1.201.575.5545 | [email protected]
Nicole Arnone, Inflection Point Agency for EWF
+1.770.856.7185 | [email protected]
Supharat Ridthichai, PTT Innovation Lab (ExpresSo)
+66.91.719.7168 | [email protected]