What is an I-REC(E) Accredited Platform Operator under the International Tracking Standard Foundation (I-TRACK Foundation)? In this post, we explore what it means to be an I-REC(E) Accredited Platform Operator. Before that, let us understand more about the I-REC(E) and the role of platforms.
What is the I-REC(E)?
The I-REC(E) is a Product Code that refers to the I-REC for Electricity. I-REC(E) is a tradeable Renewable Energy Certificate (REC) that conveys information about the production of a unit of electricity including its origin, vintage, energy source, capacity of the production facility, and identifying tracking number.
More importantly, the I-REC(E) is an I-TRACK Foundation Accredited Product Code that denotes the application of the International Attribute Tracking Standard on a REC. The I-REC(E) Code sets out the definitions, processes, and procedures that form the requirements for the issuance, transfer, and redemptions of an I‑REC(E).
Role of Platforms in trading I-REC(E)
For the full life-cycle of an I-REC(E) certificate, from issuance to redemption, information on the ownership of an I-REC(E) certificate is determined and recorded in the I-REC(E) Registry which acts as a single source of truth that enables consumers to credibly track the origin of their certificates. The I-REC(E) Registry is Evident.
Basic functionality such as device registration, I-REC(E) transfers and redemptions are offered by Evident. These services are accessible to anyone who is registered in the Registry and can also be accessed through existing market players who are conversant with the rules and requirements of the International Attribute Tracking Standard (Standard) and associated I-REC(E) Product Code.
In addition, Accredited Platforms may provide indirect access to the Registry. These Platforms may offer a wider scope of services, visualisations an/or tools to Platform users, complementing the functionality offered by the Registry.
Accredited Platform Operator under I-TRACK Foundation
Platform Operators are considered to be a subset of Market Facilitators. I-TRACK Foundation Accredited Entities (Market Facilitators) refer to Code Managers, Registry Operators, Platform Operators, and Issuers who have supported the development of a product market adhering to the International Attribute Tracking Standard.
Thus, an I-REC(E) Accredited Platform Operator refers to a Platform Operator which has collaborated with the I-TRACK Foundation to develop the I-REC(E) market in accordance with the I-REC(E) Product Code that is based on the International Attribute Tracking Standard. The services offered by the I-REC(E) Accredited Platform Operator align with the definitions, processes, and procedures that form the requirements for the issuance, transfer, and redemptions of an I‑REC(E).
Why do Platform Operators have to be Accredited?
Platform Operators provide access to the Registry and additional services for third parties to use. Platforms are therefore an extension of the Registry and similar to the Registry, require accreditation by the I-TRACK Foundation.
Through I-TRACK Foundation accreditation, Platform Operators demonstrate their adherence to the Standard and global best practices. Accreditation acknowledges that a Platform Operator complies with specific requirements mentioned in I-REC(E) Product Code and the International Attribute Tracking Standard. As such, market participants may utilise the platform with confidence, knowing that the RECs traded on the platform can be credibly tracked and accounted for.
Another point to note is that accreditation is subject to periodic review by I-TRACK Foundation to ensure compliance.
REDEX – An I-REC(E) Accredited Platform Operator
REDEX is an Accredited Platform Operator under the I-TRACK Foundation. REDEX is the developer and operator of REHash, Asia’s leading renewable energy certificate trading platform. REHash offers visualisation, trading, market, and other facilitation infrastructure to users, enabling new and current participants to conveniently transact on the REC market.
To become an I-REC(E) Accredited Platform Operator, REDEX underwent the accreditation process with the I-TRACK Foundation. It also collaborated closely with Evident and the Foundation to ensure the transactions executed on REHash are in alignment with the International Attribute Tracking Standard and global best practices. Through using REHash, REC market participants may transact on the platform with confidence, enjoying value-added features such as streamlined asset registration and REC issuance for asset owners and generators, multiple selling options, diverse choice of products and price discovery for buyers.
Building Trust and Enabling Renewable Energy Adoption
As a result of our innovative technological solutions, and deep collaborations and partnerships with the I-TRACK Foundation and Evident, REDEX has become a trusted brand in the REC market. Today hundreds of clients make use of REHash to execute their REC transactions. REDEX is also the exclusive partner to Malaysia’s TNBX for the mGATS platform, and has signed partnership agreements with I-REC(E) issuers including China Southern Grid, Instituto Totum of Brazil, NORMEX of Mexico and ECSIM of Colombia to support the development of their I-REC(E) markets.
In addition, REHash is the only platform that is API-integrated with the I-REC(E) Registry. This means that users of REHash have direct access to the information on the Registry and may perform real-time transactions on REHash that are immediately reflected in the I-REC(E) Registry. Furthermore, users need not necessarily have an account with the I-REC(E) Registry. The integration thus provides a convenient one-stop REC solution for users, enabling renewable energy adoption for the mass market.
Features of REHash
- Device registration
- REC Issuance
- Trade RECs
- Redeem/Retire RECs
- Create Reports/ Visualisation
- Single account for client to perform REC registration, trading and management
REDEX also developed REConnect to provide simple DIY renewable energy asset registration, and RESuite to support corporates in monitoring and meeting their renewable energy targets.
As an Accredited Platform Operator under the I-TRACK Foundation, REDEX provides a one-stop ecosystem for REC market participants to conveniently and conveniently register, verify, trade and retire RECs in accordance with an internationally recognised global standard.
Discover our one-stop REC eco-system solutions at www.redex.eco.
