Renewable Energy Certificates

SP Group is committed to delivering low carbon, smart energy solutions to consumers. The SP REC Platform, and My Green Credits solution empowers everyone – individuals and organisations – to meet their green goals.

SP Group is committed to delivering low carbon, smart energy solutions to consumers. The SP REC Platform, and My Green Credits solution empowers everyone – individuals and organisations – to meet their green goals.

Renewable Energy Certificates

Renewable Energy Certificates (RECs) are tradable green energy attributes that represent units of electricity generated from renewable energy generation facilities.

These facilities comply with and are registered under internationally recognised standards, such as the I-REC standard, and are eligible to be issued RECs for every unit of electricity generated. 

These RECs embody the environmental attributes associated with renewable energy and may be utilised by organisations or individuals to achieve their sustainability goals pertaining to purchased electricity.

SP REC Platform

The SP REC Platform operates as a neutral engine that facilitates the transaction of RECs, where participating buyers and sellers around the globe are automatically matched based on respective requirements.

Blockchain technology is used as an enabler to track the lifecycle of a REC - from issuance to transfer to redemption. What this means is that individuals and organizations alike can be fully assured of the integrity and security of their transactions made on the SP REC Platform.

Benefits

Convenience —  Sale and purchase requirements are automatically matched within a large participant pool without the need to go through the onerous sourcing process

Savings —  Reduce costs by eliminating the tedious sourcing process and/or physical brokers

Security —  Have peace of mind knowing transactions through the blockchain-powered SP REC Platform is secure

Empowerment —  Take control of your sale and purchase requirements, modified as and when you deem fit to suit sustainability targets

Cross Border —  Local or foreign RECs, your choice

I-REC Standard

The SP REC Platform is the sole authorised I-REC issuer in Singapore.  

The International-REC (I-REC) Standard is a well-established REC standard for the markets outside of North America and Europe, with presence in over 30 countries. 

This allows SP Group to ensure the avoidance of renewable attribute double counting through its rigorous validation and verification processes of local renewable energy generation facilities in accordance to the I-REC Standard.

My Green Credits

Everyone can contribute to a low-carbon, smart energy Singapore by purchasing Renewable Energy Certificates (RECs) to "green" their monthly household's electricity consumption on the SP Utilities App. Through My Green Credits, it is affordable and convenient for anyone with an SP Utilities account to purchase "green credits" to match their electricity consumption with an equivalent amount of green energy produced. Consumers will also have the option to "green" any amount from zero to 100 percent of their electricity consumption.

Frequently Asked Questions

What is the difference between RECs and Carbon Offsets?

RECs and Carbon Offsets are two different instruments. RECs are measured in terms of electricity units and are used to validate the consumption of electricity from renewable sources. On the other hand, Carbon Offsets are measured in units of carbon dioxide equivalent (CO2e) and are used to represent the reductions/avoidance of greenhouse gas emissions. 

What do REC issuance, trading and redemption mean? 

Renewable energy generation facilities that comply with and are registered under internationally recognised standards, such as the I-REC standard, are eligible to be issued RECs for every unit of electricity generated. These RECs and their associated environmental attributes can then be sold by their legal owner to anybody wishing to purchase them. Upon successful purchase, the ownership of these RECs is transferred to their new legal owner – the buyer. By redeeming these RECs under a beneficiary, the claim of renewable energy use may be made without the need to physically consume it.

How does SP Group ensure there is no double counting of renewable energy attributes on the SP REC Platform? 

As the authorized sole local issuer of I-RECs in Singapore, SP Group ensures all generation facilities that register under the I-REC Standard adhere to its strict requirements. 

In addition, using blockchain as the technology enabler, the SP REC Platform tracks the lifecycle of a REC originated through SP Group, ensuring traceability, transparency and security among others. 

Does the SP REC Platform also facilitate the trading of RECs issued under other standards such as TIGRs? 

Yes. Although only generation facilities that wish to be registered under the I-REC Standard will be issued RECs through SP Group, the SP REC Platform is open to interested parties globally for the trading of all internationally recognized RECs. 

How do I register my generation facility and/or as a seller/buyer of RECs? 

The entire process is designed to be as seamless as possible. Simply get in touch with us today at rec@spgroup.com.sg.