Australian blockchain energy trading technology company Power Ledger has launched a global Renewable Energy Certificate (REC) marketplace with North American renewable energy registry Midwest Renewable Energy Tracking System (M-RETS).
The deal is the first phase of Power Ledger’s partnership with renewable energy developer, owner, and operator Clearway Energy Group to develop a platform to trade RECs in the US.
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. By partnering with M-RETS, the two companies can streamline the buying and selling of renewable energy through an integrated online marketplace to trade RECs.
M-RETS issues more than 100 million RECs each year from renewable resources across all of North America, serving as a trusted centralized gateway to compliance and voluntary environmental markets to make it easier to track RECs through a single system.
Power Ledger was asked to speak at US Congressional Blockchain Caucus on blockchain applications in energy.
The market for RECs in the US covers both compliance and voluntary markets and is estimated to be worth over $3 billion annually.