- What does blockchain offer to certificate of origin tracking processes?
- What does the current certificate of origin market look like?
- What vendors and companies are using blockchain to track renewable energy generation and trade RECs or GOs?
- How is the overall blockchain in energy market performing?
- What markets have already been implementing blockchain-enabled COO and which are primed to do so next?
Analyst Insight: Blockchain for Certificates of Origin Tracking
Energy Blockchain Vendor and Deployment Insights
Since 2012, Guidehouse Insights has tracked 504 total energy blockchain projects and 304 unique vendors. Of those 504 projects, 27% employ blockchain technology for Certificates of Origin (COO). COOs are the second highest category behind transactive energy, which remains the top use case in the energy blockchain space. It includes 40% of all projects aimed at using blockchain technology to provide an open energy trading marketplace. The deployment of COO projects has remained steady since 2018, with an average of ten projects announced each year.
Guidehouse Insights Guidehouse defines COOs as blockchain-based Energy Attribute Certificates (EACs). EACs are available in the form of Renewable Energy Credits (RECs) in the US, Guarantees of Origin (GOs) in Europe, and International-RECs (I-RECs). One EAC is issued per 1 MWh or renewable energy produced and can be bought by corporations to reach renewable energy goals. EACs are most commonly issued on a yearly basis, though additional companies and vendors are looking at granular EACs, or Time-based EACs (T-EACs). The blockchain-based COO market has significant potential in the short term and in the long term, particularly as multinational companies look to 24/7 carbon free energy (CFE) renewables throughout the day and push the market toward help transition the market towards detailed, granular EACs.
- Blockchain vendors
- Utilities and energy providers
- Multinational corporations, particularly those with extensive energy needs
- Government agencies looking to track renewable generation
- Energy developers
Blockchain as a Backbone for Smart Governance
Certificate of Origin Market Inflection Trends
Market Drivers and Barriers
Regional Market Overview
Key Takeaways and Recommendations
Acronyms and Resources
Resources & Contacts
- EAC Generation
- Energy Blockchain Projects Announced By Region, World Markets: 2016-2022
- Certificates of Origin Projects Announced By Region, World Markets: 2016-2022
- Blockchain Solutions for Certificate of Origin, Industry Growth Potential by Region, World Markets: 2022-2031
- Market Drivers and Barriers