TNB: mGATS transformation on track for launch in 1Q24

KUALA LUMPUR: Tenaga Nasional Bhd (TNB) is on track to rebrand and transform the Malaysia Green Attribute Trading System (mGATS) into the country’s leading digital marketplace for Renewable Energy Certificates (mREC), with the rebranded mGATS set to launch in the first quarter (1Q) of 2024.

In a statement today, TNB said the Ministry of Natural Resources, Environment, and Climate Change and TNB’s unit, TNBX Sdn Bhd, collaborated to upgrade mGATS, responding to the surging demand for green electricity, particularly from multinational corporations and organisations.

Initially introduced as an information hub for renewable energy (RE) certificates four years ago, mGATS is now undergoing a significant shift in its functionality, transitioning into a dynamic digital marketplace for REC.

MREC is a market-based instrument certifying ownership of electricity generated from RE sources in Malaysia, specifically addressing greenhouse gas (GHG) emissions under Protocol Scope 2 related to electricity generation, distinguishing it from broader-based carbon credits applicable to GHG Protocol Scope 1, Scope 2, and Scope 3 emissions.

TNB president and chief executive officer Datuk Seri Baharin Din said the launch of the rebranded mGATS signifies a crucial milestone in Malaysia’s journey towards a greener and more sustainable energy future.

“This initiative aligns with the National Energy Transition Roadmap (NETR) targeting a 70 per cent share of renewable energy in Malaysia’s total primary energy supply by 2050,” he said.

The upgraded mGATS will provide substantial benefits to business customers, offering a transparent and user-friendly means to acquire green electricity, especially for those aiming for 100 per cent renewable energy consumption goals.

“Once the enhanced mGATS platform is operational in the first quarter of 2024, commercial and industrial entities interested in acquiring mREC for indirect green electricity can participate in the bidding platform. mGATS will evolve over time to better serve our customers in their pursuit of green electricity,” Baharin added. – BK