SEB sells RECs in landmark online auction

KUCHING: Sarawak Energy has sold 268,800 Hydropower Renewable Energy Certificates (HRECv24 Contracts) sourced from its Murum Hydroelectric Plant (HEP) to 15 diverse industry buyers.

It did so in an online auction hosted by Bursa Malaysia Berhad’s subsidiary, Bursa Carbon Exchange (BCX) on June 25.

The auction, the first of its kind, sets the stage for future initiatives, said Sarawak Energy Group Chief Executive Officer, Datuk Sharbini Suhaili in a press release today (July 9).

“We are pleased with the outcomes of the inaugural auction, made possible through our strategic Memorandum of Collaboration with BCX, signed at COP28 in Dubai.

“This collaboration underscores our commitment to sustainability and our role in shaping a resilient energy future,” he said.

The auctioned RECs, accredited by the I-TRACK Foundation, were cleared at RM4.50 per Contract, highlighting strong local market demand.

The BCX platform is the first Malaysian operator to achieve recognition by the I-TRACK Foundation.

The Murum HEP, a 944MW facility commissioned in 2014, is part of the Sarawak Corridor of Renewable Energy (SCORE) initiative and the Post-Covid-19 Development Strategy 2030 (PCDS2030).

It is Sarawak’s second-largest hydroelectric plant and was developed in compliance with state and national regulations, with comprehensive Environmental and Social Impact Assessments.

Sarawak Energy introduced RECs in 2019, initially from the Batang Ai HEP.

The positive response over the years has supported numerous corporations in achieving their sustainability goals.

In 2022, the company expanded its REC portfolio to include the Murum HEP.

Sarawak Energy is preparing for the next phase of REC offerings in the fourth quarter of this year.