We often get questions from customers asking why New Jersey SRECs were trading at $675 for most of the early part f this year, but have since dropped. The primary driver of this change is that we are now in the 2010 energy year in New Jersey. As of June 1, 2009, all SRECs created are 2010 SRECs. The $675 price we saw in previous months was for 2009 SRECs (through May 31, 2009). The $675 price represented 95% of the $711 2009 solar alternative compliance payment (SACP), which is what utilities pay for the SRECs they can’t collect. You will see that the $660 price that we’ve seen for 2010 SRECs is actually consistent with pricing earlier this year. This time the SACP is $693 for 2010 SRECs, however the new price of $660 still represents 95% of the SACP. The chart below tracks how our NJ auction history has performed compared to the SACP; the theoretical ceiling price for SRECs.