Energy Web Foundation and a subsidiary of PJM Interconnection are going to collaborate on building and evaluating the effectiveness of a blockchain-based tool for the U.S. Renewable Energy Certificates (REC) market.
EWF and PJM Environmental Information Services Inc. (PJM-EIS) announced they are teaming up on developing and testing a market-wide reference implementation of Energy Web Origin for the Generation Attribute Tracking System (GATS) administered by PJM-EIS. EW Origin is a customizable, open-source, decentralized toolkit for renewable energy and carbon markets that simplifies and enhances the way in which customers procure renewable energy.
The pilot will allow PJM-EIS to investigate the potential benefits of blockchain technology to improve the security, transparency, and transaction costs of GATS.
PJM-EIS is a wholly-owned subsidiary of PJM Connext, L.L.C., itself a subsidiary of PJM Interconnection. PJM Interconnection is the power grid operator and wholesale market administrator for a 13-state region of the United States serving 65 million people.
GATS is a paid subscription service that creates and tracks a generator-specific electronic certificate for every megawatt-hour (MWh) of electricity produced by a generator. The system tracks the environmental and emissions attributes of generation, along with the ownership of credits as they are traded or used to meet governmental renewable-energy standards.
The collaboration will focus on the PJM region of the GATS market, and aims to develop, test, and make available a full implementation of the blockchain-based EW Origin toolkit. EW Origin helps unlock renewables investments by reducing administrative and transaction costs, modernizing user experience, and enabling greater access for renewable energy markets (including for smaller buyers and sellers below the megawatt-hour level).
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