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Clearway Energy To Pilot Blockchain-powered Renewable Energy Trading

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U.S.-based Clearway Energy Group, dealing in solar and wind energy, is teaming up with Australia's blockchain-powered energy trading company Power Ledger to develop a platform to trade Renewable Energy Certificates (RECs) in the U.S.

RECs are tradable commodities serving as proof that one megawatt-hour (MWh) of electricity was generated from an eligible renewable energy resource. The use of blockchain technology will make it more efficient, secure, and provide greater transparency to track the data and properly allocate the RECs.

RECs can be tracked on a blockchain ledger system from the point of creation, sale and transfer to the buyer.

Electricity companies in at least 29 U.S. states are required to supply a portion of their electricity from renewable sources each year. Many companies purchase RECs as a way of meeting their mandatory clean energy quotas.

The market for RECs in the U.S. covers both compliance and voluntary markets and is estimated to be worth over $3 billion annually.

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