Australian energy trading technology company Power Ledger has partnered with the Midwest Renewable Energy Tracking System (M-RETS) to launch a Renewable Energy Certificate (REC) marketplace in the US.
M-RETS tracks generation from renewable resources across all of North America, serving as a trusted centralised gateway to compliance and voluntary environmental markets. This will make it easier to track RECs through one system.
By partnering with M-RETS, Power Ledger and Clearway Energy Group will be able to streamline the buying and selling of renewable energy through an integrated online marketplace to trade RECs.
“Similar to buying a concert ticket, you want to ensure it hasn't already been used, and that you actually receive what you paid for. While M-RETS and other registries prevent the double claiming of RECs, the options to ensure you receive your RECs swiftly are few and costly,” said Power Ledger Co-founder and Executive Chairman Dr Jemma Green.
The deal is the first phase of Power Ledger's partnership with renewable energy developer, owner, and operator Clearway to develop a platform to trade RECs in the US.
In at least 29 US states, electricity companies are required to supply a portion of their electricity from renewable sources each year. RECs are tradable commodities that represent proof that one MWh of electricity was generated from a renewable energy source.
M-RETS Executive Director, Benjamin Gerber, said the company had seen demand for RECs increase 10% y/y with the registry now processing upward of 100 million certificates annually.
The market for RECs in the US covers both compliance and voluntary markets and is estimated to be worth over US$3 billion annually.
Power Ledger's partnership with Clearway will ensure a swift entry into the environmental commodity trading market in the US due to Clearway's established network of renewable energy assets across the country.
Read the article online at: https://www.energyglobal.com/special-reports/29012020/power-ledger-launches-rec-marketplace/