Media release. Published: 08-Sep-2017 09:00 am
Grexel Systems ltd.
Following an international public tendering, the Lithuanian electricity transmission system operator, Litgrid, has selected Grexel as the provider of the central registry for electricity Guarantees of Origin (GO) in Lithuania. GOs are internationally tradable certificates set forth by the EU directives, and they can be used to prove the origin of sold or used electricity.
Lithuania is the eleventh country using Grexel’s technology for GOs. In addition to electricity GOs, Grexel central registries are also used for biomethane certificates and EU emission allowances in the voluntary market.
Litgrid has been mandated by the Government of Lithuania to arrange the issuance and trading of GOs. The GO scheme has, so far, been administrated using in-house technology. The next logical step was to acquire an effective central registry system to power the market. Litgrid had very high requirements for the service, especially in terms of completeness of the service package and information security.
‘The central registry of GOs will strengthen the national scheme and will provide opportunities for international trading. We have set the highest standards for the service’s reliability and security. We needed a registry provider that is already part of the international network and has an off-the-shelf service offering, so that they could basically plug us in to the market,’ says Rimantas Busila, Finance Director at Litgrid.
‘Grexel is proud to work with Litgrid and provide the central registry for Lithuanian GOs. Covering yet another country with a service concept proves that we have done something right, and that we have successfully disrupted the traditional IT-project model in the certificates registry space’”, says Marko Lehtovaara, CEO at Grexel.
Litgrid, the Lithuanian electricity transmission system operator, manages the electricity flows in Lithuania and maintains a stable operation of the national power system. The company is responsible for the implementation of the strategic energy projects, reorientation of the country’s power system towards a synchronous operation with Continental Europe
Grexel, based in Helsinki, is Europe’s leading energy certification technology provider, with an annual transaction volume of over one billion MWhs and over seven thousand active account holders. CMO.grexel is a central registry service for energy certificates and other environmental commodities. Grexel currently provides the central registry service for electricity Guarantees of Origin in ten countries, biomethane certificates in three countries, and for quota obligation certificates in two countries. All registries are currently based on the same technology, the Grexel Certification Framework (GCF).
Marko Lehtovaara, CEO