Bidding For REC Opens On Oct 7 - PETRA

PUTRAJAYA, Oct 5 (Bernama) -- The renewable energy certificate (REC) is open for bidding from noon on Oct 7 to 5 pm on Oct 11 at 5 pm, according to the Ministry of Energy Transition and Water Transformation (PETRA).

It said 1000 GWh TBB certificates from hydro sources and 100 GWh TBB certificates from solar sources are open for bidding.

The bids are open through the Malaysia Green Attribute Trading System (mGATS) platform to enable corporate companies and business entities to fulfil their Environmental, Social and Governance (ESG) commitments, according to PETRA in a statement today.

It said the mGATS bidding platform, launched last May 8, was developed and operated by Tenaga Nasional Bhd (TNB) through its subsidiary TNBX Sdn Bhd.

The bidding process will be done through the website https://platform.mgats.com.my every month until all the TBB certificates are sold out.

Details for commercial transactions of the TBB certificates are available on the website www.mgats.com.my.

According to PETRA, the certification and registration of the offered TBB certificates will be based on standards by international certification bodies such as the TRACK Foundation.

It said this is important to ensure the credibility of the TBB certificates.

The effort is expected to boost the development of the country's renewable energy industry, as well as support the country's energy transition aspirations to achieve the target of 70 per cent mixed renewable energy capacity in electricity supply by 2050.

-- BERNAMA