Singapore Power Reveals Blockchain Market for Renewable Energy Trading

Singapore Power Group, the country's energy utility, has launched Blockchain's market for renewable energy certificates (RECs).

The company announced in a press release on Monday that the platform is "designed and built" and allows organizations to negotiate RECs - negotiable certificates representing energy generated by renewable sources, such as solar. Blockchain technology allows the platform to have "security, integrity and traceability of each REC transaction".

When an entity purchases RECs, renewable energy is generated in its name by the producers. The statement says buyers are automatically combined with sellers on the Blockchain platform, helping companies reach their sustainability goals.

"Through Blockchain technology, we enable companies to negotiate renewable energy certificates in a convenient, transparent and secure manner, helping them achieve greener business operations and achieve their sustainability goals," said Samuel Tan, digital director of Singapore Power.