PTT announced the launch of new business – the first one-stop service for renewable energy certificates and renewable purchases in Thailand
24 November 2020To reinforce PTT’s leadership in energy innovation for the future, PTT launched the new business in one-stop service for Renewable Energy Certificate (REC), leveraging blockchain technology, to fully meet the strong demand from multinational companies for renewable energy in Thailand and the ASEAN region, continuing PTT’s sustainability mission.
Mr. Worawat Pitayasiri, Senior Executive Vice President, Innovation and Digital, PTT Public Company Limited, revealed that PTT has been accredited by the International REC Standard (I-REC Standard)since early October 2020 as a representative to provide services in renewable energy equipment registration, renewable energy certificate issuing request and trading. PTT is the first in Thailand to provide one-stop service simplifying the process and facilitating both renewable energy device owners and Thai/ multinational companies having operation in Thailand or in the ASEAN region who have renewable energy target to have an access to local clean energy easily and meaningful way e.g. community solar. In November 2020, PTT started providing real commercial service to customers. PTT has also initiated the ReAcc Platform (Renewable Energy Acceleration Platform underpinned by blockchain technology, which enhances the security of the transactions. ReAcc will seamlessly support the purchase of Renewable Energy Certificates (REC), the Corporate Power Purchase Agreement (CPPA) and the use of renewable energy with electric vehicles. ReAcc, a blockchain-based renewable energy platform, is initiated by the synergy of the electricity industry knowhow, innovation and digitization enhancing PTT’s vision in Technology for all, emphasizing our mission in applying technology and innovation for all dimensions of the business and for the benefits of Thai people.
“The ReAcc platform was initiated by the venture lead of our innovation lab team (ExpresSo), and has been developed by Thai software developers collaborating with a global energy blockchain nonprofit. This new platform will be one of the mechanisms that will drive change and transition to renewable energy to achieve the greater clean future’s energy targets in Thailand. It is also beneficial in creating convenience in a two-way connection between the renewable buyers and local renewable energy developers that help expand new investment in renewable energy with less government subsidy, create job opportunity and stimulate the Thai economy.” said Mr. Worawat.
ReAcc is operated under Alpha Com Company Limited, which PTT holds 100 percent shares. It is now ready for the one-stop service in renewable energy equipment registration to successfully request and trade renewable energy certificates that are compliant with the International REC Standard (I-REC) and the ReAcc platform plans launch a full online service in early 2021. For further information, please visit www.reacc.io.