KUALA LUMPUR (Oct 5): Open bidding of renewable energy certificates (RECs) generated this year through the Malaysia Green Attribute Trading System (mGATS) platform will take place from the seventh to the 11th of every month, until all the RECs offered have been fully acquired.

“In tandem to the increasing demand for REC generated in year 2024, a total of 1,000 GWh hydro REC and 100 GWh solar REC will be open for bidding from 12pm on Oct 7 to 5pm on Oct 11, 2024,” said the Ministry of Energy Transition and Water Transformation (Petra) on Saturday.

The ministry said the open bidding exercise will enable corporate companies and business entities to meet their environmental, social and governance (ESG) commitments.

Launched on May 8 this year, the mGATS platform was developed and managed by Tenaga Nasional Bhd (KL:TENAGA) through its subsidiary TNBX Sdn Bhd. The platform enables corporate companies to obtain their required REC through a bidding process.

Bidding for these REC will be done through the mGATS platform at platform.mgats.com.my, while details of the REC bidding are available at www.mgats.com.my.

Petra noted that the registration and verification of REC offered will be based on internationally recognised standards from certification bodies such as ITRACK Foundation.

“This step taken is important to ensure the REC is credible, acknowledged and/or accepted especially by the major reporting frameworks. Petra is confident that the opening of bids for REC generated this year will enable corporate companies to meet their ESG commitments based on their respective abilities and capabilities.

“This effort is expected to further 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% renewable energy capacity in the country's electricity supply by 2050,” it added.