Clearway Energy Group, a United States-based clean energy development firm launches a pilot program that will employ blockchain in order to trade renewable energy credits, as reported by Bloomberg on June 28.
As per the report, Clearway Energy partnered with Power Ledger, an Ethereum (ETH)-based energy trading startup to develop a system for trading renewable energy certificates. Power Ledger reportedly told the publishing that the solution will be tested in Massachusetts initially to generate one to five megawatts of electricity. The second test will be at the Midwest to generate upwards of 20 megawatts.
The report also notes that currently, the U.S. renewable energy certificates market is valued at over $3 billion and the transaction costs add another 3% to 10% to the certificates themselves. As per the publishing, Power Ledger Executive Chairman Jemma Green stated that digital certificate trading options exist, but they get expensive when aggregated through brokers or bilateral contracts across state lines.
In the end, Green reportedly announced that company is looking to continue these tests for several months, and the service is planned for expansion in early 2020.
Read more: IMF Survey: Almost All Central Banks Plan To Issue Digital Currencies
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