PJM Environmental Information Services, Inc. (PJM-EIS) and the Energy Web Foundation recently completed a year-long collaboration to develop and test a blockchain-based tool for the Generation Attribute Tracking System (GATS) administered by PJM-EIS.
The pilot tested Energy Web Foundation’s Energy Web Origin, which is a toolkit for renewable energy and carbon markets to create new functionality for the GATS Bulletin Board.
GATS is a paid subscription service that creates and tracks a generator-specific electronic certificate for every megawatt-hour of electricity produced by a generator. The Bulletin Board is a place on GATS were buyers and sellers of these certificates, called RECs, can interact (with the actual buying or selling of the certificates remaining the responsibility of each party in bilateral agreements).
In the spring of 2021, five PJM subscribers tested the pilot GATS Bulletin Board. Seller participants posted requests on the Bulletin Board based on actual RECs in their respective GATS accounts and buyer participants posted their REC bids based on their procurement needs.
Any matches made between bids and requests then triggered notifications for participants to confirm if they wanted to complete any REC transfers, where completed trades would link back to the legacy GATS to update the buyer’s and seller’s respective accounts.
During the pilot, the transactions were purely tests, so there was no financial settlement.
PJM-EIS is a wholly owned subsidiary of PJM Connext, itself a subsidiary of PJM Interconnection.
Read more about the pilot and its results from the Energy Web Foundation.