Posts Tagged ‘Auction’

MA DOER Announces Solar Credit Clearinghouse Auction Results

Posted July 29th, 2016 by SRECTrade.

Today, the Massachusetts Department of Energy Resources (DOER) announced that both of the 2015 Solar Carve-out (SREC-I) and Solar Carve-out II (SREC-II) auctions have fully cleared in the first round.

Preliminary results for the SREC-I auction included 41 unique bidders submitting a total bid volume of 49,886 – more than sufficient demand to clear the available auction volume of 1,898 SRECs. Similarly, the results for the SREC-II auction included 9 unique bidders submitting a total bid volume of 112,252, which cleared the available auction volume of 67,046 SREC-IIs.

SCCA Auction Results3

The DOER and EnerNOC continue to certify and finalize the auction results, and will publicize more details on the final results on the SREC-I and SREC-II auction webpages next week.

February 2013 SREC Auction Results

Posted February 21st, 2013 by SRECTrade.

SRECTrade’s February 2013 SREC Auction closed on 2/1/13. Below are the clearing prices by vintage across the markets covered in the auction.

February SREC Prices SREC Vintage Year
State 2011 2012 2013*
Delaware
Maryland $140.00
Massachusetts $206.12
New Jersey $95.00 $110.00
Ohio In-State $40.00
Ohio Out-of-State $9.00
Pennsylvania $10.00
Washington, DC $366.13 $370.00

Notes:
*Delaware, New Jersey and Pennsylvania operate on a June-May energy year. For example, current vintage SRECs are generated beginning in June of 2012.
Green text represents a price increase over the last auction clearing price for that vintage, red text represents a decrease.
“-” reflects no sale, which would result if there were no SRECs available for sale in that vintage or there were no matching bids and offers to determine a clearing price.

For detailed analysis of SREC market prices and trends please subscribe to the SREC Market Monitor, a joint publication of Greentech Media’s GTM Research and SRECTrade.

State Market Observations:

Delaware: No DE SRECs transacted in the February auction.  Most demand for DE SRECs will be through the DE SEU SREC Procurement Program solicitations. For the latest information on the upcoming 2013 solicitation click here: 2013 DE Program Announcement.

Maryland: MD2012 SRECs have consistently transacted at $140/SREC over the past 3 auction periods. As Q1 2013 comes to a close any compliance entities needing MD12 SRECs will be wrapping up their purchases. It is expected that the market will  experience a small amount of oversupply for the 2012 compliance period.

Massachusetts: MA2012 SRECs traded at $206.12/SREC. SREC issuance volumes in Q1-Q3 2012 and October – December 2012 MWhs reported to the MA CEC demonstrate that 2012’s requirements have been met. The next SREC issuance for Q4 2012 generation will fall on April 15, 2013. The 2012 market will be oversupplied by approximately 50% of this year’s compliance obligation.

New Jersey: NJ2012 and NJ2013 SRECs traded up to $95 and $110/SREC, respectively. The NJ Office of Clean Energy announced total installed capacity through January 2013 was estimated to be 973.4 MW, a monthly increase of approximately 17.4 MW. Monthly install rates continue to surpass RPS requirements.

Ohio: OH2012 Sited SRECs increased to $40/SREC and OH2012 Adjacent SRECs traded at $9/SREC. Both markets are oversupplied. Most demand for OH Sited SRECs has been fulfilled through long term agreements with large utility scale projects or through long term RFPs with the state’s regulated utilities. 2012 compliance obligations are currently being finalized.

Pennsylvania: PA2013 SRECs traded at $10/SREC, $2/SREC less than the January 2013 auction. SREC oversupply continues to impact PA’s market. 

Washington, DC: The 2010, 2011, and 2012 vintages increased to $330, $366.13, and $370/SREC, respectively. Increases in price may continue as the 2012 and 2013 markets are under supplied.

For historical auction pricing please see this link. The next SRECTrade auction closes on Thursday, February 28th at 5 p.m. ET and will cover PJM and MA Solar RECs. The next auction will be the first in which 2013 vintage SRECs will be available in Maryland, Ohio, and Washington, DC. Click here to sign in and place an order.

MA2012 SREC Auction Closes at $271.05/SREC

Posted July 17th, 2012 by SRECTrade.

The Q1 2012 (January – March 2012 generation) MA SRECs were issued on July 15, 2012. Unlike other SREC markets, the MA Solar Carve-Out program mints SRECs quarterly, three and a half months after the close of the calendar quarter. In coordination with the Q1 2012 issuance, SRECTrade recently held a separate auction for MA2012 SRECs.

The auction order window closed on Monday, July 16th at 5:00 p.m. Eastern. SRECs were transacted at a price of $271.05 per SREC. The clearing price, below the Department of Energy Resources (DOER) Solar Credit Clearinghouse auction price, is a result of the oversupply of SRECs the MA2012 market will experience. According to NEPOOL GIS, 14,479 MA2012 SRECs were issued for Q1 2012 generation. Approximately 15% of this volume was available through SRECTrade in the last auction period. As a result of the price, the auction saw light volumes trade hands given the gap in pricing expectations between buyers and sellers.

The next SRECTrade Solar REC auction order window closes on Thursday, August 2 at 5 p.m. ET. This auction will cover all of the SREC markets including DC, DE, MA, MD, NJ, OH, and PA. The order window is currently open. All buyers and self-serve sellers can login here to place an order. Sellers utilizing SRECTrade’s management service, EasyREC, will have orders automatically placed on their behalf. If these sellers need to make changes to their minimum offer prices, they must do so prior to the 5:00 p.m. close on August 2nd.

The next issuance of MA Eligible SRECs will be on October 15, 2012, and will cover the second quarter of 2012 eligible SRECs.

MA2011 SREC Auction Closes at $540/SREC

Posted April 18th, 2012 by SRECTrade.

The Q4 2011 (October – December 2011 generation) MA SRECs were issued on April 15, 2012. Unlike other SREC markets, the MA Solar Carve-Out program mints SRECs quarterly, three and a half months after the close of the calendar quarter. In coordination with the Q4 2011 issuance, SRECTrade recently held a separate auction for MA2011 SRECs.

The auction order window closed on Monday, April 16th at 5:00 p.m. Eastern. SRECs transacted at a clearing price of $540.00 per SREC. The clearing price, more than 98% of the 2011 Solar Alternative Compliance Payment (SACP), represents a strong demand for MA2011 SRECs due to a shortfall of supply in the market.

The next SRECTrade Solar REC auction order window closes on Tuesday, May 1 at 5 p.m. ET. This auction will cover all of the PJM SREC markets including DC, DE, MD, NJ, OH, and PA. The order window is currently open. All buyers and self-serve sellers can login here to place an order. Sellers utilizing SRECTrade’s management service, EasyREC, will have orders automatically placed on their behalf. If these sellers need to make changes to their minimum offer prices, they must do so prior to the 5:00 p.m. close on May 1.

The next issuance of MA Eligible SRECs will be on July 15, 2012, and will cover the first quarter of 2012 eligible SRECs. The MA market continues to see a lot of installation and development activity, which has already put downward pressure on the price of 2012 vintage SRECs. Recent bid and offer activity in the over the counter markets has been at levels of approximately 50-65% of the 2012 $550 Solar Alternative Compliance Payment (SACP).

April 2012 SREC Auction Results

Posted April 4th, 2012 by SRECTrade.

SRECTrade’s April 2012 SREC Auction closed this week. Below are the clearing prices by vintage across the markets SRECTrade is currently active in.

April SREC Prices Energy Year Ending
State 2010 2011 2012*
Delaware
Maryland
Massachusetts
New Jersey $135.00
Ohio In-State $234.99 $185.00
Ohio Out-of-State $17.50 $30.00
Pennsylvania $20.00 $20.00
Washington, DC $250.00 $277.50 $290.00

Notes:
*Delaware, New Jersey and Pennsylvania operate on a June-May energy year.
Green text represents a price increase over the last auction clearing price for that vintage, red text represents a decrease.
“-” reflects no sale, which would result if there were no SRECs available for sale in that vintage or there were no matching bids and offers to determine a clearing price.

State Market Observations:

Please note, all capacity references are from the February capacity analysis and reference the amount of supply registered as of the end of February. The demand noted is the estimated capacity needed to be operational all year long for the current compliance period. Additional details regarding SREC issuance and older vintages impacting the RPS requirements are noted in the capacity analysis.

Delaware (Supply: 27.1 MW | Demand: 19.8 MW): No DE SRECs transacted in the April auction. The Delaware PSC approved the SREC Procurement Pilot Program for long term contract solicitations. The solicitation window opened this week.

Maryland (In-state Supply: 41.8 MW | Demand: 56.1 MW): No MD SRECs transacted in the April auction. Legislation to pull forward the Solar RPS requirements passed the Senate today in a vote of 37-9.

Massachusetts (Operational Supply: 52.6 MW | 2011 Demand: 55.7 MW, 2012 Demand: 65.0 MW): There was no sale of MA SRECs this period as they were sold in the Quarterly SREC Auction in mid-January. The next quarterly MA SREC auction will close on April 16, 2012. See the following link for an update on the MA SREC market: Massachusetts SREC Market Update – March 2012.

New Jersey (Supply: 689.1 MW | Demand: 368.3 MW): The 2012 market declined to $135. The continued decline in 2012 pricing reflects the substantial amount of supply currently installed relative to the 2012 and future compliance requirements.

Ohio (In-State Supply: 44.0 MW; Out-of-state Supply: 81.3 MW | Demand: 79.4 MW) : OH2011 sited SRECs increased to $234.99 as compliance obligations are being finalized for the year. 2012 pricing for in-state SRECs declined to $185. The out-of-state SREC market declined to $17.50 and $30 for the 2011 and 2012 vintages, respectively. This decline is driven by the oversupply from PA as well as the other adjacent states not having their own SREC programs.

Pennsylvania (Supply: 182.0 MW | Demand 41.2 MW): PA2011 SRECs traded up from $10 to $20, while we saw a slight decrease in the 2012 vintage to $20.

Washington, DC (Supply: 23.1 MW | Demand: 51.0 MW): The 2010 vintage saw a decline from $275 to $250/SREC, while the 2011 DC SRECs increased slightly to $277.50/SREC. Compliance year 2012 SRECs traded at $290/SREC.

For historical pricing please see this link. The next SRECTrade auction closes on Monday, April 16 at 5 p.m. ET and will cover MA2011 SRECs. The next PJM Solar REC auction will close on Tuesday, May 1 at 5 p.m. ET. Click here to sign in and place an order.

February 2012 SREC Auction Results

Posted February 3rd, 2012 by SRECTrade.

SRECTrade’s February 2012 SREC Auction closed this week. Below are the clearing prices by vintage across the markets SRECTrade is currently active in.

February SREC Prices Energy Year Ending
State 2010 2011 2012*
Delaware $60.00
Maryland In-State $180.00 $205.00
Maryland Out-of-State
Massachusetts
New Jersey $205.00
Ohio In-State $285.00
Ohio Out-of-State $40.00
Pennsylvania $9.99 $30.00 $35.00
Washington, DC $275.00

Notes:
*Delaware, New Jersey and Pennsylvania operate on a June-May energy year.
Green text represents a price increase over the last auction clearing price for that vintage, red text represents a decrease.
“-” reflects no sale, which would result if there were no matching bids and offers that cleared for a sale in the auction.

State Market Observations:

Please note, all capacity references are from the December capacity analysis and reference the amount of supply registered as of the end of December. Additional details regarding SREC issuance are provided in the capacity analysis.

Delaware (Supply: 25.5 MW | Demand: 19.8 MW): Pricing was down from $65.00/SREC to $60.00. The Delaware PSC approved the SREC Procurement Pilot Program for long term contract solicitations which should commence in Q2. As of January 3, 2012, PJM GATS reported the issuance of approximately 13,560 DE2011-12 vintage SRECs. Additional SRECs from prior eligible periods may also impact the market should there be a demand for these older vintage SRECs.

Maryland (In-state Supply: 37.8 MW | Demand: 27.6 MW): SRECs held at $205 this past auction period.  MD2011 Out-of-State did not trade. The state continues on pace to maintain a balanced supply relative to demand for the compliance year.

Massachusetts (Operational Supply: 32.5 MW | Demand: 55.7 MW): There was no sale of MA SRECs this period as they were sold in the Quarterly SREC Auction in mid-January. The next quarterly MA SREC auction will close in mid-April.

New Jersey (Supply: 483.2 MW* | Demand: 368 MW): The 2012 market dropped back down to $205 after the state legislature failed to pass a Bill to increase the solar requirements. Inaction will lead to continued declines in pricing.

Ohio (In-State Supply: 29.0 MW; Out-of-state Supply: 68.0 MW | Demand: 39.1 MW) : OH2011 sited SRECs dropped to $285 with growing SREC supply from large in-state systems. The out-of-state SREC market increased again to $40/SREC.

Pennsylvania (Supply: 159.4 MW | Demand 41.2 MW): PA2011 SRECs traded up again to $30/SREC and PA2012 increased to $35/SREC.

Washington, DC (Supply: 21.7 MW | Demand: 41.9 MW): The 2011 DC SRECs increased to $275/SREC.

For historical pricing please see this link. The next SRECTrade auction closes on Thursday, March 1 at 5 p.m. ET.

January 2012 SREC Auction Results

Posted January 10th, 2012 by SRECTrade.

SRECTrade’s January 2012 SREC Auction closed last week. Below are the clearing prices by vintage across the markets SRECTrade is currently active in.

January SREC Prices Energy Year Ending
State 2010 2011 2012*
Delaware $65.00
Maryland In-State $204.99
Maryland Out-of-State $35.00
Massachusetts
New Jersey $245.00 $245.00
Ohio In-State
Ohio Out-of-State $30.00 $35.00
Pennsylvania $20.00 $29.99
Washington, DC $250.00 $270.00

Notes:
*Delaware, New Jersey and Pennsylvania operate on a June-May energy year.
Green text represents a price increase over the last auction clearing price for that vintage, red text represents a decrease.
“-” reflects no sale, which would result if there were no matching bids and offers that cleared for a sale in the auction.

State Market Observations:

Please note, all capacity references are from the latest SRECTrade capacity analysis and reference the amount of supply registered as of the end of December. Additional details regarding SREC issuance are provided in the capacity analysis.

Delaware (Supply: 25.5 MW | Demand: 19.8 MW): Pricing increased slightly this period, trading up to $65.00/SREC. The Delaware PSC approved the SREC Procurement Pilot Program for long term contract solicitations. As of January 3, 2012, PJM GATS reported the issuance of approximately 13,560 DE2011-12 vintage SRECs. Additional SRECs from prior eligible periods may also impact the market should there be a demand for these older vintage SRECs.

Maryland (In-state Supply: 37.8 MW | Demand: 27.6 MW): SRECs declined slightly to $204.99 this past auction period. While not seeing any demand all year long, MD2011 Out-of-State traded at $35/SREC. The state continues on pace to maintain a balanced supply relative to demand for the compliance year. As 2011 compliance obligations are finalized, a shortage of SRECs in the state, if any, will be reflected by an increase in prices at the end of the trading period.

Massachusetts (Operational Supply: 32.5 MW | Demand: 55.7 MW): There was no sale of MA2011 SRECs this period. The next quarterly MA SREC auction will close on Tuesday, January 17, 2012.

New Jersey (Supply: 483.2 MW* | Demand: 368 MW): The 2012 market increased to $245 this auction period. Approximately 15% of the available supply in the auction cleared, representing a gap between buyer and seller’s expectation of value. Oversupply continues to grow as the state has averaged 32.0 MW installed per month since the beginning of the compliance period. October 2011 saw an increase in 41.2 MW. *Note: This figure represents the capacity registered in PJM GATS as of December 2011. Please reference the capacity analysis link above for details on NJ Office of Clean Energy installed capacity figures.

Ohio (In-State Supply: 29.0 MW; Out-of-state Supply: 68.0 MW | Demand: 39.1 MW) : There was no sale of OH2011 sited SRECs. The out-of-state SREC market saw activity, increasing in value from $30/SREC to $35/SREC.

Pennsylvania (Supply: 159.4 MW | Demand 41.2 MW): PA2011 SRECs traded up to $20/SREC and PA2012 increased to $29.99/SREC. HB 1508 will go before the Pennsylvania Commerce Committee this Wednesday, 1/11/12.

Washington, DC (Supply: 21.7 MW | Demand: 41.9 MW): Prices continue to increase as legislation closing the DC market borders and increasing requirements take effect on the market. The 2010 vintage cleared at $255.16/SREC, while the 2011 vintage cleared at $270/SREC. Note, the SREC and capacity figures do not take into consideration the amount of electricity delivered into the district that may be exempt from complying with the Distributed Generation Amendment Act increases, considering some electricity contracts may have been signed prior to the amendment’s implementation

For historical pricing please see this link. The next SRECTrade auction covering Q3 MA2011 generation closes on Tuesday, January 17 at 5 p.m. ET. The following auction covering all markets closes on Tuesday, January 31 at 5 p.m. ET.

December 2011 SREC Auction Results

Posted December 2nd, 2011 by SRECTrade.

SRECTrade’s December 2011 SREC Auction has closed. Below are the clearing prices at which SRECs traded this month.

December SREC Prices Energy Year Ending
State 2010 2011 2012*
Delaware $60.00 $60.10
Maryland In-State $210.00
Maryland Out-of-State
Massachusetts $530.00
New Jersey $225.00 $225.00
Ohio In-State $370.00
Ohio Out-of-State $30.00 $30.00
Pennsylvania $20.00 $10.00 $18.00
Washington, DC $176.00 $201.00

Notes:
*Delaware, New Jersey and Pennsylvania operate on a June-May energy year.
Green text represents a price increase over the last auction clearing price for that vintage, red text represents a decrease.
“-” reflects no sale, which would result if there were no matching bids and offers that cleared for a sale in the auction.

State Market Observations:

Please note, all capacity references are from the latest SRECTrade capacity analysis and reference the amount of supply registered as of the end of November. Additional details regarding SREC issuance are provided in the capacity analysis.

Delaware (Supply: 22.8 MW | Demand: 19.5 MW): Legislation increasing the SREC requirement went into effect this past June but the market has yet to pick up in response. The Delaware PSC approved the SREC Procurement Pilot Program for long term contract solicitations. Meanwhile, the SREC market will likely pick up at the end of the energy year when electricity suppliers are more active.

Maryland (In-State Supply: 33.5 MW | Demand: 26.9 MW): SRECs increased 5.0% in value to $210 this past auction period. The state seems on pace to maintain a balanced supply relative to demand for the compliance year. As 2011 comes to an end, a shortage of SRECs in the state, if any, will be reflected by an increase in prices at the end of the trading period in the first quarter of 2012. Out-of-state SRECs continue to be a non-factor in Maryland.

Massachusetts (Operational Supply: 30.9 MW | Demand: 55.7 MW): Mass SREC values declined slightly to $530, from $535, in the December 2011 auction. Volume during this period was lower as most supply traded in the auction post the Q2 2011 issuance on October 17, 2011. The next big quarterly MA SREC auction will close on Monday, January 16, 2012.

New Jersey (Supply: 448 MW | Demand: 368 MW): The 2012 market stayed flat at $225 this trading period. Oversupply continues to grow as the state has averaged 27.1 MW installed per month since the beginning of the compliance period. Estimates for October 2011 are forecast at approximately 44 MW. For a more in depth look at New Jersey’s capacity and SREC issuance see this post.

Ohio (In-State Supply: 27.7 MW  Out-of-State Supply: 61.3 MW | Demand: 37.7 MW) : In-State SRECs dropped 2.5% to $370/SREC. The out-of-state SREC market saw activity, but declined in value from $55/SREC to $30/SREC.

Pennsylvania (Supply: 152.0 MW | Demand 40.4 MW): PA2011 SRECs stayed flat at $10/SREC and PA2012 declined from prior periods to $18/SREC. HB 1508 was recently introduced to address the state’s SREC market. This marks the beginning of a long process to rescue the PA SREC market. Until then, SRECs will continue to bottom out.

Washington, DC (Supply: 21.5 MW | Demand: 41.9 MW): Prices continue to increase as new legislation closing the DC market borders and increasing requirements take effect on the market.

For historical pricing please see this link. The order window for the January 2012 auction will close on Friday, January 6, 2012 at 5:00 p.m Eastern. For more information, please visit www.srectrade.com.

November 2011 SREC Auction Results

Posted November 1st, 2011 by SRECTrade.

SRECTrade’s November 2011 SREC Auction has completed. Below are the clearing prices at which SRECs traded this month.

November SREC Prices Energy Year Ending
State 2010 2011 2012*
Delaware $88.99
Maryland In-State $174.98 $200.00
Maryland Out-of-State
Massachusetts $535.00**
New Jersey $670.00 $225.00
Ohio In-State $380.00
Ohio Out-of-State $55.00
Pennsylvania $10.00
Washington, DC $119.00 $150.00

Notes:
*Delaware, New Jersey and Pennsylvania operate on a June-May energy year.
**Massachusetts Q2 auction occurred on October 17th
Green text represents a price improvement over October, red text represents a decrease.
“-” reflects no sale, which would result if there were no matching bids and offers that cleared for a sale in the auction.

State Market Observations:

Delaware (Supply: 22.7 MW | Demand: 19.5 MW): Legislation increasing the SREC requirement went into effect this past June but the market has yet to pick up in response. Stakeholders in DE continue to work to wards a long-term SREC contract solicitation program for new facilities. This program should be approved within the next month. Meanwhile, the SREC market will likely pick up at the end of the energy year when electricity suppliers are more active.

Maryland (Supply: 30.8 MW | Demand: 26.9 MW): SRECs continue to hover around $200. The state seems on a good pace to maintain a balanced supply relative to demand. As 2011 comes to an end, a shortage of SRECs in the state, if any, will be reflected by an increase in prices at the end of the trading period in the first quarter of 2012. Out-of-state SRECs continue to be a non-factor in Maryland.

Massachusetts (Supply: 27.1 MW | Demand: 55.7 MW): Mass SREC values rose to $535 in the Q2 2011 sale on October 18th. This trend should continue as the SREC shortage becomes more apparent. The next big quarterly MA SREC auction will close on Monday January 16th. In the meantime, solar owners can offer unsold SRECs in our regular monthly auctions.

New Jersey (Supply: 448 MW | Demand: 368 MW): The 2012 market continues to rebound up to $225 from $205 last month. As more buyers become active in the 2012 market, prices should continue to correct, though the oversupply continues to grow as 18 more megawatts were added in September.

Ohio (Supply: 82.0 MW | Demand: 37.7 MW) : In-State SRECs demand dropped slightly. Activity in the out-of-state SREC market increased this month.

Pennsylvania (Supply: 146.4 MW | Demand 40.4 MW): HB 1508 was recently introduced to address the state’s SREC market. This marks the beginning of a long process to rescue the PA SREC market. Until then, SRECs will continue to bottom out.

Washington, DC (Supply: 21.4 MW | Demand: 41.9 MW): Prices continue to increase as new legislation closing the DC market borders and increasing requirements take effect on the market.

For historical pricing please see this link. The order period for the December auction will close on Wednesday, November 30, 2011 at 5:00 p.m Eastern. For more information, please visit www.srectrade.com.

MA2011 SREC Auction Closes at $535/SREC

Posted October 18th, 2011 by SRECTrade.

The Q2 2011 (April – June 2011) MA SRECs were issued on October 15, 2011. Unlike other SREC markets, the MA Solar Carve-Out program mints SRECs quarterly, three and a half months after the close of the calendar quarter. In coordination with the Q2 2011 issuance, SRECTrade recently held a separate auction for MA2011 SRECs.

The auction closed on Monday, October 17th at 5:00 p.m. Eastern. SRECs transacted at a clearing price of $535.00 per SREC. The clearing price, more than 97% of the 2011 Solar Alternative Compliance Payment (SACP), represents a strong demand for MA2011 SRECs due to a shortfall of supply in the market.

Any SRECs that went unsold in the auction will be available for sale in the next SRECTrade auction closing on Monday, October 31, 2011. This auction will cover all of the SREC markets including DC, DE, MA, MD, NJ, OH, and PA. The order window is currently open. All buyers and self-serve sellers can login here to place an order. Sellers utilizing SRECTrade’s management service, EasyREC, will have orders automatically placed on their behalf. If these sellers need to make changes to their minimum offer prices, they must do so prior to the 5:00 p.m. close on October 31.

The next issuance of MA2011 SRECs will be on January 15, 2012, and will cover the Q3 2011 (July – September) generation period.