Platts proposes to add Vietnam and Malaysia coverage to global I-RECs assessments

Platts, part of S&P Global Commodity Insights, is proposing to launch Vietnam and Malaysia international renewable energy certificate (I-REC) assessments, effective Feb. 19, 2024.

The additional assessments will provide transparency to the growing I-RECs market in Southeast Asia.

The I-REC assessments will reflect spot deliveries of certificates, representing a minimum 1 GWh, for prior-year and current-year vintages, rolling to the next vintages at the start of each calendar year.

For example, the vintages reflected in the Feb. 12 2024 assessments and up until those published on Dec. 31 2024 are 2023 and 2024. Vintages reflected in the assessments will roll to 2024 and 2025 on Jan. 1, 2025, and so on in subsequent years.

The additional assessments would be published for the following technologies and units of measures suited for each region:

- For Vietnam, individual assessments would be published in USD/MWh at a 4:30 pm Malaysia Standard Time close for wind, hydro, solar and biomass technologies.

- For Malaysia, individual assessments would be published in USD/MWh, at a 4:30 pm Malaysia Standard Time close for hydro, solar and biomass technologies.

Platts would publish the proposed assessments in USD only, but seeks feedback on whether conversions to local currencies would be relevant.

The new assessments would be available on Platts Connect and would be part of Platts' Energy Transition offering.

See below a summary of the new assessment launches:

AssessmentsLocationUnitCurrencyVolumeFrequency

I-REC Vietnam Wind Previous Year USD/MWhVietnamMWhUSDMin 1 GWhDaily

I-REC Vietnam Wind Current Year USD/MWhVietnamMWhUSDMin 1 GWhDaily

I-REC Vietnam Solar Previous Year USD/MWhVietnamMWhUSDMin 1 GWhDaily

I-REC Vietnam Solar Current Year USD/MWhVietnamMWhUSDMin 1 GWhDaily

I-REC Vietnam Hydro Previous Year USD/MWhVietnamMWhUSDMin 1 GWhDaily

I-REC Vietnam Hydro Current Year USD/MWhVietnamMWhUSDMin 1 GWhDaily

I-REC Vietnam Biomass Previous Year USD/MWhVietnamMWhUSDMin 1 GWhDaily

I-REC Vietnam Biomass Current Year USD/MWhVietnamMWhUSDMin 1 GWhDaily

I-REC Malaysia Solar Previous Year USD/MWhMalaysiaMWhUSDMin 1 GWhDaily

I-REC Malaysia Solar Current Year USD/MWhMalaysiaMWhUSDMin 1 GWhDaily

I-REC Malaysia Hydro Previous Year USD/MWhMalaysiaMWhUSDMin 1 GWhDaily

I-REC Malaysia Hydro Current Year USD/MWhMalaysiaMWhUSDMin 1 GWhDaily

I-REC Malaysia Biomass Previous Year USD/MWhMalaysiaMWhUSDMin 1 GWhDaily

I-REC Malaysia Biomass Current Year USD/MWhMalaysiaMWhUSDMin 1 GWhDaily

The new Vietnam and Malaysia assessments would follow the Penang publishing schedule and holiday calendar.

Each I-REC represents the environmental attributes of renewable electricity and represents one megawatt hour of electricity generated from renewable sources, as certified and recorded within the I-REC Standard registry.

Platts started publishing I-RECs assessments for Brazil, Turkey and India in September 2022 and added I-RECs assessments for Mexico and Chile in June 2023. Details about the methodology for Platts I-REC assessments can be found here: https://www.spglobal.com/commodityinsights/en/our-methodology/methodology-specifications/energy-transition/i-recs

Please send all feedback and comments to PriceGroup@spglobal.com and global_renewables@spglobal.com by Jan. 22, 2024.

For written comments, please provide a clear indication if comments are not intended for publication by Platts for public viewing.

Platts will consider all comments received and will make comments not marked as confidential available upon request.