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					</table><p>The Indian Energy Exchange (<a href="https://www.iexindia.com/" target="_blank" rel="noopener">IEX</a>) traded 341 million units (MU) of renewable energy in February 2023, a 2% decrease month-over-month (MoM) compared to 347 MU <a href="https://mercomindia.com/iex-347-mu-green-energy-january-2023/" target="_blank" rel="noopener">traded</a> in the previous month and a 25% year-over-year (YoY) decrease.</p>
<p>The average daily trading volume on the exchange increased by 5% MoM. However, the overall trading volume decreased by 5% MoM due to fewer trading days in February.</p>
<p>The electricity trading volume was 7,673 MU, which represented a decline of 6% YoY and a 7% MoM. The total trading volume was 8,200 MU, which marked a decline of 7% YoY.</p>
<p>High input costs continued to impact sell-side liquidity in February. However, there was an increase in demand for power due to several parts of the country experiencing unusually warm temperatures and sustained economic activity.</p>
<p>According to data released by the National Load Dispatch Center, the total energy produced in the country during February was 118 BU, representing a 9% YoY increase.</p>
<p>In the coming months, IEX expects that supply constraints will ease due to favorable policy and regulatory initiatives. These initiatives are expected to increase coal and gas-based generation, leading to higher liquidity on the exchange. This increased liquidity will likely provide cost-optimization opportunities for power distribution companies and open access consumers.</p>
<p><strong>Green Market: Day-Ahead </strong><strong>and Term-Ahead</strong></p>
<p>The Green Day-Ahead Market (GDAM) traded 250 MU with a weighted average price of ₹6.57 ($0.080)/ kWh, up 4% MoM. The market saw participation from 203 entities during the month, with the highest number of participants in a single day at 159 on February 22, 2023.</p>
<p>The Green Term-Ahead Market (GTAM) traded 91 MU during the month. The average monthly price for non-solar was ₹8.22 ($0.10)/ kWh ₹10.18 ($0.12)/ kWh for hydropower.</p>
<p><strong>Electricity Market: Day-Ahead, Term-Ahead, and Real-Time Market</strong></p>
<p>In February, the DAM volume decreased by 5% MoM to 4,664 MU. The DAM volume was also down 17% YoY due to high prices caused by a constrained supply, which led to continued high spot e-auction coal prices.</p>
<p>The Real-Time Electricity Market achieved 1,714 MU during the month, registering a 10% YoY growth.  There were 722 participants in this segment.</p>
<p>The consistent growth of the real-time electricity market indicates the growing reliance on distribution utilities and industries to achieve the power demand-supply balancing in real-time most efficiently, IEX said.</p>
<p>The TAM, comprising intra-day, contingency, daily, weekly, and long-duration contracts, traded 954 MU during the month, an increase of 81% YoY and 5% MoM.</p>
<p><strong>Renewable Energy Certificate Market</strong></p>
<p>February saw 374,000 renewable energy certificates (REC)s cleared, registering a decrease of 5% MoM. The trading session <a href="https://mercomindia.com/rec-jumps-clearing-price-%e2%82%b91000-new-regulations/" target="_blank" rel="noopener">witnessed</a> a clearing price of ₹1,000 (~$12.24)/REC. The next REC trading session at the exchange is scheduled for March 29, 2023.</p>
<p><strong>Energy saving certificates</strong></p>
<p>After a hiatus of 14 months, IEX resumed trading energy-saving certificates (ESCerts) on February 14, 2023. During the month, nearly 154,000 ESCerts, equivalent to 154 MU, were traded on IEX, representing a 97% market share.</p>
<p>The exchange <a href="https://mercomindia.com/iex-reports-4-yoy-dip-profit-q3-fy23/" target="_blank" rel="noopener">reported</a> a 4.4% YoY decrease in profit after tax from ₹807 million (~$9.94 million) to ₹772 million (~$9.51 million) in the third quarter of the financial year 2023.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/arjun-joshi/" class="vcard author" rel="author"><span class="fn">Arjun Joshi</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Arjun-Joshi-1.png" width="50" /></p>
<p><strong style="text-decoration: underline">Arjun Joshi,</strong> Staff reporter at Mercom India<br />
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<p><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Arjun-Joshi-1.png" width="86" height="102" /><a href="https://mercomindia.com/author/arjun-joshi/" target="_blank" rel="noopener"><strong style="color: #00b451">Arjun Joshi</strong> </a>is a staff reporter at Mercom India. Before joining Mercom, he worked as a technical writer for enterprise resource software companies based in India and abroad. He holds a bachelor’s degree in Journalism, Psychology, and Optional English from Garden City University, Bangalore. <a href="https://mercomindia.com/author/arjun-joshi" target="_blank" rel="noopener">More articles from Arjun Joshi.</a></p>
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IEX Traded 341 MU of Green Energy in February 2023, Down 25% YoY


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					</table><p>The Indian Energy Exchange (<a href="https://www.iexindia.com/" target="_blank" rel="noopener">IEX</a>) traded 347 million units (MU) of renewable energy in January 2023, an increase of 24% year-over-year (YoY). However, the volume declined by 8% month-over-month (MoM) compared to the 377 MU traded in December 2022.</p>
<p>The green energy traded in the market includes Green Day-Ahead Market (GDAM) and Green Term-Ahead Market (GTAM).</p>
<p>The exchange traded 8,639 MU of energy during the month, including renewable energy certificate (REC) trades equivalent to 395 MU. This was a 0.13% YoY decrease compared to 8,650 MU traded during the same period last year and a 2.2% MoM increase.</p>
<p>The volume traded was the highest recorded during the current fiscal year. This was primarily driven by the improving supply side conditions with gradually increasing coal supply and easing e-auction coal prices.</p>
<p>IEX, in its statement, said that they expect the clearing price at the Exchange to go lower in the coming months, given the government’s initiatives to improve coal inventory at the power plants. This would provide further cost optimization opportunities for power distribution companies (DISCOMs) and open access consumers resulting in higher volumes on the Exchange.</p>
<p>According to the power demand data published by the National Load Dispatch Center, the energy met in the country during January was at 126 BU, increasing 13% on a YoY basis.</p>
<p><strong>Green Market: Day-Ahead and Term-Ahead</strong></p>
<p>During the month, the GDAM trade amounted to 286 MU of energy volume with a weighted average price of ₹6.30 (~$0.076)/kWh, an 18.6% increase MoM. The market saw participation from 208 entities, with the highest number of participants in a single day at 154 on January 25.</p>
<p>The weighted average price also saw a 16% MoM increase in the GDAM from ₹5.24 (~$0.063)/ kWh in December 2022 and a 50% YoY increase.</p>
<p>The GTAM market achieved 61 MU volume with an average monthly price of ₹6.22 (~$0.075)/kWh for non-solar and ₹8.19 (~$0.099)/kWh for hydropower.</p>
<p>The average monthly price for non-solar was up by 12% MoM and 41% MoM for hydropower.</p>
<p><strong>Electricity Market: Day-Ahead, Term-Ahead, and Real-Time Market</strong></p>
<p>The volume of energy traded in the Day-Ahead market (DAM) decreased to 4,893 MU in January, a 2% MoM decrease and a 7% YoY decline. The Exchange attributed the reduction to the high prices resulting from a constrained supply scenario, which led to the high spot e-auction coal prices during the month.</p>
<p>The Real-Time Electricity Market achieved 2,102 MU volume registering a 19% MoM and 33% YoY growth. The market saw participation from 707 entities during the month.</p>
<p>The Term-Ahead Market (TAM), which includes intra-day, contingency, daily, and weekly contracts, and contracts up to three months, traded 902 MU during the month, a huge surge of 131% YoY and 10% MoM basis.</p>
<p>The TAM has displayed consistent performance during the last few months compared to the same periods last year.</p>
<p><strong>Renewable Energy Certificate Market</strong></p>
<p>A total of 395,000 RECs were cleared during the trading session on January 27, as compared to 1.13 million RECs traded during the same period last year. The Exchange did not provide a clearing price for RECs traded in the month.</p>
<p>The next REC trading session at the Exchange is scheduled for February 22, 2023.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/satish-shetty/" class="vcard author" rel="author"><span class="fn">Satish Shetty</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Satish-pic-1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Satish Shetty,</strong> Associate Editor at Mercom India<br />
<a href="https://mercomindia.com/author/satish-shetty/" target="_blank" rel="noopener">More articles from Satish Shetty.</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Satish-pic-1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/satish-shetty/" target="_blank" rel="noopener"><strong style="color: #00b451">Satish Shetty</strong></a> is an Associate Editor with Mercom India. Prior to Mercom, Satish was a multimedia news producer at Reuters, where he gained experience in digital news media. Satish has his Bachelor of Arts (B.A.) degree in Broadcast Journalism from Limkokwing University of Creative Technology, Malaysia.<br />
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IEX Traded 347 MU of Green Energy in January 2023, Up 24% YoY


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					</table><p>New Zealand&#8217;s solar and battery storage solutions provider <a href="https://www.solarcity.co.nz/" target="_blank" rel="noopener">solarZero</a> said it had traded energy grid stability services from its virtual power plant (VPP) in the Electricity Reserves Market. In what is deemed to be a first globally, solarZero said that the revenue generated will be shared with its community members through a monthly eco-bonus credit.</p>
<p>The moment was marked by the ringing of the New Zealand Exchange&#8217;s (<a href="https://www.nzx.com/" target="_blank" rel="noopener">NZX</a>) bell.</p>
<p>The solarZero community currently saves over $2.3 million on energy costs annually.</p>
<p>With the new energy trading system, every member of the solarZero community can expect to be credited $18,000 over the next 20 years by lending their battery and roof to participate in solarZero&#8217;s virtual power plant (VPP).</p>
<p>The energy trading breakthrough follows solarZero&#8217;s <a href="https://mercomindia.com/funding-and-ma-roundup-fundamental-renewables-secures-400-million/" target="_blank" rel="noopener">acquisition</a> by a fund managed by BlackRock Alternatives&#8217; Climate Infrastructure and would establish New Zealand as a test market for the world.</p>
<p>The asset management firm BlackRock said it intends to invest NZD$100 million (~$58.9 million) of capital until 2025 to accelerate the development of solarZero and its battery technology platform.</p>
<p>A VPP is a network of solar and smart batteries that can be collectively controlled to help manage the electricity network.</p>
<p>Each home with a solarZero system would be a part of a VPP, connected via the batteries and smart control systems. Solar energy created in each house would supply power for that household and feed excess electricity back to the grid.</p>
<p>NZX, Transpower, Panasonic, and Auckland University have collaborated over the past few years to validate the capability of the VPP to participate in the market and to integrate the solarZero platform.</p>
<p>solarZero further said it is starting a staged enrolment of its 10,000 household battery systems into the New Zealand electricity reserves market, providing 40 MW of both fast and sustained reserves.</p>
<p>The batteries, which autonomously sense frequency and respond when there is a glitch in the power system, will help Transpower maintain a stable electricity grid as the country transitions to 100% clean energy.</p>
<p>According to solarZero&#8217;s Chief Executive Andrew Booth, &#8220;New Zealand&#8217;s goal is to reach net-zero carbon emissions for electricity within the next seven years, and adopting new technology to enable decentralized, cheaper, distributed energy generation is a key part of this journey. In the face of the highest energy prices in the history of New Zealand, every home that has a roof can now earn extra income, safely power through blackouts, and support their community by reducing the cost of electricity for everyone.&#8221;</p>
<p>Recently, Dubai Electricity and Water Authority <a href="https://mercomindia.com/daily-news-wrap-up-dewa-energy-integration-virtual-plant/" target="_blank" rel="noopener">enhanced </a>integration between different energy resources in its smart grid through its VPP. The first phase aggregated the distributed energy resources and managed them as a single mixed portfolio of generation and load connected to the grid.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gourav-mishra/" class="vcard author" rel="author"><span class="fn">Gourav Mishra</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="50" /></p>
<p><strong style="text-decoration: underline">Gourav,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav.</a></p>
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<div class="authorboxn"> <img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="89" height="102" /><a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">Gourav</a> is a staff reporter with Mercom India with over six years of experience in various roles with NewsX, The New Indian Express, IBTimes India, and U.S., Republic, and Analytics India Magazine. Gourav has a Master&#8217;s in journalism from Jain University, Bengaluru. <a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav Mishra</a></div>
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solarZero Trades Energy Grid Stability Services from its VPP in New Zealand’s Exchange

<p>The Indian Energy Exchange (<a href="https://www.iexindia.com/" target="_blank" rel="noopener">IEX</a>), in its recently announced financial results for the fiscal year (FY) 2021-22 and fourth quarter (Q4) FY-22, reported a 50% year-on-year (YoY) increase in profit after tax from ₹2.054 billion (~$26.88 million) to ₹3.09 billion (~$40.43 million).</p>
<p>For Q4 FY22, the exchange reported a profit after tax of ₹884 million (~$11.57 million), a 45% YoY increase from ₹608 million (~$7.96 million) reported in Q4 FY-21.</p>
<p>The revenue for Q4 FY22 stood at ₹1.28 billion (~$16.75 million), a 28% increase from ₹1.003 billion (~$13.12 million) during the same period last fiscal year.</p>
<p>The total traded volume across all market segments during the quarter was 27 billion units (BU), recording YoY growth of about 21%.</p>
<p>The electricity market comprising of Day-Ahead Market (DAM), Real-Time Market (RTM), Term-Ahead Market (TAM), Green Day Ahead Market (GDAM), and Green Term Ahead Market (GTAM) segments contributed 24.8 BU volume during Q4 FY22, recording a 10.5% increase from 22.4 BU during the same period in the previous financial year. The renewable energy and energy-saving certificate segment contributed 2.2 BU during the quarter.</p>
<p><strong>Financial Year 2021-22</strong></p>
<p>The revenue reported for FY22 stood at ₹4.844 billion (~$63.49 million), a 36% increase from ₹3.562 billion (~$46.69 million) reported in FY-21.</p>
<p>The exchange saw a 37% YoY growth in trading during the FY-22 accomplishing 102 BU volume across all market segments. The electricity market contributed 95.6 BU volume and achieved a 29% YoY growth.</p>
<p>The certificate segment comprising Renewable Energy Certificates (REC) and Energy Saving Certificates (ESCerts) contributed 6.4 BU and achieved 813% YoY growth during FY-22.</p>
<p>The volume growth was primarily driven by increasing demand for electricity, flexible and efficient procurement at the exchange&#8217;s competitive prices, and significant traction by the new market segments.</p>
<p>In FY-22, the peak demand met reached 201 GW, a 6% YoY growth, while electricity consumption at 1,370 BU saw about 7.8% YoY growth.</p>
<p>During FY 2021-2022, the IEX <a href="https://mercomindia.com/renewable-energy-trading-grew-517-in-fy-2021-22/" target="_blank" rel="noopener">traded</a> 4,854 million units (MU) of renewable energy, a 517% year-over-year (YoY) growth.</p>
<p>Earlier this month, Central Electricity Regulatory Commission (CERC) <a href="https://mercomindia.com/cerc-orders-power-exchanges/" target="_blank" rel="noopener">directed</a> the power exchanges to re-design their bidding software so that members can submit their buy bids at the maximum price of ₹12 (~$0.16)/kWh for DAM and RTM.</p>
<p>The CERC had recently <a href="https://mercomindia.com/cerc-hydropower-contracts-green-term-ahead-market/" target="_blank" rel="noopener">approved</a> the introduction of hydropower in GTAM following a petition by IEX.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/satish-shetty/" class="vcard author" rel="author"><span class="fn">Satish Shetty</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Satish-pic-1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Satish Shetty,</strong> Associate Editor at Mercom India<br />
<a href="https://mercomindia.com/author/satish-shetty/" target="_blank" rel="noopener">More articles from Satish Shetty.</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Satish-pic-1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/satish-shetty/" target="_blank" rel="noopener"><strong style="color: #00b451">Satish Shetty</strong></a> is an Associate Editor with Mercom India. Prior to Mercom, Satish was a multimedia news producer at Reuters, where he gained experience in digital news media. Satish has his Bachelor of Arts (B.A.) degree in Broadcast Journalism from Limkokwing University of Creative Technology, Malaysia.<br />
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IEX Reports 50% YoY Increase in Profits for FY 2022, Trades 102 BU of Power During the Year

<p>The Indian Energy Exchange (<a href="https://www.iexindia.com/" target="_blank" rel="noopener noreferrer">IEX</a>) has released the highlights of electricity trading on the platform during August 2020.</p>
<p>The trading in the Green Term-Ahead Market (GTAM) commenced on August 21, 2020, at the exchange. GTAM witnessed an encouraging response since its <a href="https://mercomindia.com/cerc-approves-introduction-green-term/" target="_blank" rel="noopener noreferrer">launch</a> and has registered trade of three million units (MU) in the first 11 days. Presently, the trade-in intraday and day-ahead contracts in both solar and non-solar categories are live while the trading and daily and weekly contracts will commence shortly.</p>
<p>In all, 38 investors participated in the new market segment, with the highest number of participants on a single day being 20. The key participants included distribution utilities of Haryana, Daman and Diu, Dadra and Nagar Haveli, Calcutta Electric Supply Corporation (CESC), Tata Power Distribution Corporation, and open access consumers such as Amplus Green Power Pvt. Ltd, Jindal Stainless Ltd, Dalmia Cement, CESC, amongst others.</p>
<p>Meanwhile, the Renewable Energy Certificate (REC) trading session, which was scheduled on August 26, 2020, was put <a href="https://mercomindia.com/trading-renewable-energy-certificates-postponed/">on hold</a> due to the stay order from Appellate Tribunal for Electricity (APTEL).</p>
<p>The stay was in response to the petitions filed by a few renewable energy associations against the Central Electricity Regulatory Commission’s (CERC) order dated June 2020 regarding a <a href="https://mercomindia.com/cerc-removes-floor-prices-solar-non-solar/" target="_blank" rel="noopener noreferrer">revision</a> in the floor and forbearance prices of RECs.</p>
<p>The electricity market traded 5,467 MU in August 2020, witnessing a 1% increase over the volume traded in August 2019. The national peak demand in the same period saw a 6% YoY decline while the energy consumption fell 2% in August 2020, according to the data issued by the national load despatch center (NLDC).</p>
<p>According to IEX, the distribution utilities from states such as the southern, western, and northern states continued to leverage the exchange market to meet their short-term electricity requirements.  “Moreover, as the COVID-19 restrictions ease, industries have been procuring power at attractive prices which have been facilitating the revival of industrial growth,” IEX’s statement noted.</p>
<p>The day-ahead market traded 4,484 MU during the month, with the average market clearing price at ₹2.43 (~$0.03307)/kWh.</p>
<p>The price saw a significant 27% YoY decline over ₹3.32 (~$0.04518)/kWh in August 2019. The attractive prices made electricity procurement from the exchange an attractive proposition for both the distribution utilities and industries, yielding significant savings.</p>
<p>One Nation One Price prevailed during all 31 days of the month. At 115 MU, the trading in the term-ahead market (TAM) increased 97% month-over-month (MoM), indicating continued acceptance of TAM contracts by the distribution utilities for meeting their short-term power requirements.</p>
<p>The real-time electricity market registered a notable rise of 9% on an MoM basis with a total trade of 856 MU during August. This is the highest monthly volume achieved in real-time trade so far since its launch in June 2020. According to IEX, it accomplished a cumulative trade of 2,157 MU in the first three months.</p>
<p>With 242 customers participating during the month, the real-time market continues to see adequate availability of power with sell bids volume at about 2.5 times that of buy bids.</p>
<p>The day-ahead market sees adequate availability of power with high sell-side liquidity. The total sell bids at 10,123 MU were twice of the buy bids at 5,081 MU.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/rahul-nair/" class="vcard author" rel="author"><span class="fn">Rahul Nair</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><p><img class="alignleft" src="https://mercomindia.com/wp-content/uploads/2022/02/Rahul-Nair.png" width="86" height="102" />Rahul is a staff reporter at Mercom India. Before entering the world of renewables, Rahul was head of the Gujarat bureau for The Quint. He has also worked for DNA Ahmedabad and Ahmedabad Mirror. Hailing from a banking and finance background, Rahul has also worked for JP Morgan Chase and State Bank of India. <a href="https://mercomindia.com/author/rahul-nair/" rel="noopener noreferrer">More articles from Rahul Nair.</a></p>
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Green Term-Ahead Market Trades Three Million Units in August 2020

<p>Singapore’s <a href="https://www.spgroup.com.sg/home">SP Group</a>, an energy utility group, has launched one of the world’s first blockchain-powered renewable energy certificate (REC) marketplaces at the Association of Southeast Asian Nations <a href="https://asean.org/">(ASEAN)</a> Energy Business Forum <a href="http://aebf.leverageinternational.com/">(AEBF).</a></p>
<p>Designed and built in-house by SP Group’s team of digital energy experts, this marketplace enables local and international organizations – regardless of size, business or location in the world – to trade in RECs. Blockchain technology will ensure the security, integrity and traceability of each REC transaction. This will drive the greater integration of renewable energy sources on the electricity grid.</p>
<p>City Developments Limited (CDL) and DBS Bank (DBS) were the first purchasers of RECs through this platform.</p>
<p>SP Group’s Chief Digital Officer, Samuel Tan, said, “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.”</p>
<p>Solar developers such as Cleantech Solar Asia and LYS Energy Solutions, with local and regional solar assets, have signed a collaboration with the SP Group to place its solar assets on the marketplace for the sale of RECs. Katoen Natie Singapore, a global chemical logistics company who will be launching Singapore’s largest single unit rooftop solar facility at a warehouse, has also come on board as a REC seller.</p>
<p>With SP Group’s blockchain-powered marketplace, buyers are automatically matched with sellers, around the globe, according to their preferences. This helps big and small organizations achieve their green targets and strengthens cross-border sustainability efforts with SP’s international reach. It contributes to Singapore’s low carbon targets, as part of its <a href="http://aebf.leverageinternational.com/">Paris COP-21 agreement</a>.</p>
<p>“We are glad to support the innovative and timely initiative by SP Group to embrace blockchain technology as a platform to accelerate Singapore’s transition to a low-carbon economy,” said Esther An, Chief Sustainability Officer, City Developments Limited.</p>
<p>“SP Group’s blockchain REC platform will make it more economically effective for organizations and will catalyze the transition towards a low carbon economy. We look forward to more innovations in renewable energy technologies to achieve a sustainable, affordable, secure and inclusive energy future,” said Mike Power, Chief Operating Officer of Technology and Operations, DBS.</p>
<p>Blockchain is a shared digital ledger that records transactions between users and cannot be altered without changing all other entries. Just as it has been used to decentralize finance, blockchain technology has also played an important role in the growth of independent power generation as it has enabled households connected to microgrids to conduct peer-to-peer transactions, buying and selling surplus electricity to each other. It works on the same principle as cryptocurrencies such as Bitcoin.</p>
<p><a href="https://mercomindia.com/swytch-partner-south-korean-city-solar/">Earlier,</a> Mercom reported that Swytch, another U.S.-based blockchain-driven clean energy company, signed a deal with Chuncheon, the capital of Gangwon Province in South Korea, to reduce carbon emissions in the city.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/saumy/" class="vcard author" rel="author"><span class="fn">Saumy Prateek</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><p><img class="alignleft" src="https://mercomindia.com/wp-content/uploads/2018/03/saumy-edited-1.png" alt="Saumy Prateek" /> Saumy is a senior staff reporter with MercomIndia.com covering business and energy news since 2016. Prior to Mercom, Saumy was a copy editor at Thomson Reuters. Saumy earned his Bachelors Degree in Journalism &amp; Mass Communication from the Manipal Institute of Communication at Manipal University. <a href="https://mercomindia.com/author/saumy/">More articles from Saumy Prateek.</a></p>
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