September 2013 Auction Results

Posted September 13th, 2013 by SRECTrade.

SRECTrade’s September 2013 SREC Auction closed on 9/06/13. Below are the clearing prices by vintage across the markets sold in the auction.

September SREC Prices SREC Vintage Year
State 2011 2012 2013 2014*
Delaware $33.00
Maryland $111.00 $120.01 $130.00
Massachusetts $241.01
New Jersey $125.00 $130.01 $134.01
Ohio In-State $41.00
Ohio Out-of-State
Pennsylvania $9.00 $13.26
Washington, DC $480.00 $480.00 $480.00

*Delaware, New Jersey and Pennsylvania operate on a June-May energy year. For example, current vintage “2014” SRECs are generated beginning in June of 2013.
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:

Delaware: Current vintage DE SRECs traded at $33/SREC- up from $25 in the previous auction. The primary buyer for DE SRECs is Delmarva Power and Light (DPL) and most SRECs are sold through DPL’s SRECDelaware program which allows SREC asset owners to submit competitive applications in order to obtain 20 year SREC contracts. There continues to be limited need for SRECs outside of DPL’s program and demand outside the procurement program is expected to decrease over time.

Maryland: Just as with the August auction all eligible MD SREC vintages sold in the September auction. As SRECs age they tend to become less valuable and demand for older vintages tends to decrease.  MD2011s, MD2012s and MD2013s  transacted at $111.00, $120.01, and $130.00/SREC in the September auction.

Massachusetts: The September SRECTrade auction cleared 2013 vintage SRECs at $241.01.  For the latest info on the MA market read our MA blog posts.

New Jersey:  NJ2012,  NJ2013, and NJ2014 SRECs traded up to $125.00, $130.01, and $134.01/SREC, respectively. These prices are slightly higher than last month’s auction. While the NJ SREC market remains fundamentally over-supplied build rates have decreased. For a more detailed overview on pricing and supply and demand dynamics, please see our recent webinar.

Ohio: No SRECs transacted in the OH Adjacent market, although pricing tends to mimic the PA SREC market when transactions do occur. Both markets are severely over-supplied.  OH2013 sited SRECs traded at $41, a price in line with previous auctions.

Pennsylvania: PA2011s and PA2012s did not transact in the September auction.  PA2013s and PA2014s traded at $9.00 and $13.26/SREC respectively. Severe SREC oversupply keeps pricing low and reduces buyer incentive to purchase older vintage SRECs. 

Washington, DC: DC SREC pricing continues to experience high transaction values relative to the $500 SACP. DC2011, DC2012, and 2013 vintage SRECs traded at $480.00/SREC- the same as with the August auction. It is expected the market will continue to experience under supply into the 2013 trading year.

For historical auction pricing please see this link. The next SRECTrade auction for all SREC markets closes on Tuesday, October 15th at 5 p.m. ET.

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