Archive for the ‘SREC Markets’ Category

MA 2018 Solar Credit Clearinghouse Auction Result Announcement

Posted July 26th, 2019 by SRECTrade.

On Thursday, July 25th, the Massachusetts Department of Energy Resources (DOER) announced that all of the MA2018 SREC Is and SREC IIs submitted to the auction account were transacted in the first round of the Solar Credit Clearinghouse Auction (SCCA).

A total volume of 9,780 SREC Is were bid on across 21 unique bidders, creating more than sufficient demand to clear the available auction volume of 632 SREC Is.

A total volume of 63,388 SREC IIs were bid on across 21 unique bidders, creating more than sufficient demand to clear the available auction volume of 4,626 SREC IIs.

DOER and EnelX are in the process of certifying and finalizing the auction results. More information will be made available on the SCCA webpage in the coming weeks.

If SRECTrade submitted SRECs to the SCCA on your behalf, we will provide further notice on the status of your transaction once the DOER and EnelX provide us with finalized auction results.

Tags: MA, Massachusetts, SCCA, Solar Credit Clearinghouse Auction, SREC II, SREC-I
Posted in Massachusetts, SREC Markets | Comments Off on MA 2018 Solar Credit Clearinghouse Auction Result Announcement

Ohio Governor Signs Nuclear Bailout Bill Into Law; RPS Gutted

Posted July 23rd, 2019 by SRECTrade.

On July 23rd, the Ohio House of Representatives approved legislation (HB 6) to subsidize two ailing nuclear power plants owned by bankrupt FirstEnergy Solutions and eliminate the state’s Renewable Portfolio Standard (RPS) at 8.5% in 2026. Governor Mike DeWine signed the bill into law shortly thereafter.

The Bill provides an average of $150 million per year in funding to the two nuclear plants from April 2021 through the end of 2026. In addition, the Bill will deliver $50 million per year in funding to two large, coal-fired power plants owned by Ohio Valley Electric Corp., through additional rate-payer charges.

With regards to the state’s RPS, the Bill lowers the renewable energy target from 12.5% to 8.5% by 2026, and eliminates the solar-carve out all-together from 2020 onward. As such, solar assets currently registered in the OH SREC market will no longer produce OH SRECs after 2019. Please feel free to reach out to the SRECTrade team for more information regarding this transition and impact on your eligibility.

Posted in Environmental Policy, Ohio, SREC Markets | Comments Off on Ohio Governor Signs Nuclear Bailout Bill Into Law; RPS Gutted

Ohio State Senate Passes Amended Nuclear Subsidy Bill, Freezing the State’s RPS by 2026

Posted July 18th, 2019 by SRECTrade.

On July 17th, the Ohio State Senate passed an amended version of House Bill 6, which provides subsidies for two nuclear plants owned by bankrupt FirstEnergy Solutions, coal plants, and utility-scale solar. Just as notably, the bill calls for a permanent freeze of the state’s Renewable Portfolio Standard (RPS) at 8.5% by 2026, a damaging blow to the state’s renewable energy sector. The Bill would also completely eliminate the state’s solar carve out beginning in 2020, gutting a key incentive mechanism for distributed generation solar in the state. Although it is still unclear, ohio-sited solar assets previously participating in the Ohio Solar Renewable Energy Credit (SREC) program, would likely be eligible for the Pennsylvania Tier I REC and Ohio REC market, should the Bill go into law.

After the Ohio House passed a version of House Bill 6 on May 29th, the Bill moved to the Senate where it was met with controversy by lawmakers and stakeholders alike. After a number of amendments to the Bill, including the removal of a provision that would have stunted wind development, it passed on Wednesday morning on the Senate floor. It now goes to the Ohio House for a concurrence vote, where it is expected to be taken up on August 1st.

Posted in Ohio, SREC Markets | Comments Off on Ohio State Senate Passes Amended Nuclear Subsidy Bill, Freezing the State’s RPS by 2026

Massachusetts DOER Announces SREC I and SREC II Auction Totals and Preliminary 2020 Minimum Standards

Posted July 15th, 2019 by SRECTrade.

On July 15, 2019, the Massachusetts Department of Energy Resources (DOER) announced final SRECs available for auction in this year’s Annual Solar Credit Clearinghouse Auction (SCCA) I and II, as well as the preliminary 2020 Minimum Standards for the SREC I and II programs.

The DOER confirmed that 632 certificates have been deposited for the SREC I auction, and 4,626 certificates have been deposited for the SREC II auction.

The DOER estimates a 2020 SREC I Minimum Standard of 1.6449% (764,036 MWh) for load executed under contract on or after June 28, 2013. This Minimum Standard applies regardless of which round the auction clears. Load served under contracts executed prior to June 28, 2013 will follow a Minimum Standard of 1.0071%.

The DOER estimates a 2020 SREC II Minimum Standard of 2.2485% (1,044,390 MWh) for load served under contracts executed between April 25, 2014 and May 8, 2016, and 3.8088% (1,769,130 MWh) for load served under contracts executed on or after May 8, 2016. This will only apply if the auction clears in the first two rounds. If the auction clears in the third round, the Minimum Standard will be 2.2585% for load served under contracts executed between April 25, 2014 and May 8, 2016 and 3.8188% for load served under contracts executed on or after May 8, 2016.

Details regarding this announcement can be found here. SRECTrade will be assessing the implications of this adjustment and releasing a full market update shortly.

Posted in Massachusetts, SREC Markets | Comments Off on Massachusetts DOER Announces SREC I and SREC II Auction Totals and Preliminary 2020 Minimum Standards

Proposed Bill Introduces a National Renewable Energy Standard (RES)

Posted June 28th, 2019 by SRECTrade.

On Wednesday, June 26, 2019, a bill was proposed that would require all 50 states to adopt an aggressive Renewable Energy Standard (RES). Introduced by Senator Tom Udall of New Mexico, the RES would mandate that 50% of all states’ energy be provided from renewable sources by 2035. Detailed within this article, the national RES would be the first of its kind in the U.S.

This target would require a sharply increasing RES schedule, as 2018 saw the nation’s renewable energy supply reach only 17.6%. Of the 36 states with existing Renewable Portfolio Standards (RPS), 11 already have schedules that meet the 50% by 2035 goal. Naturally, those 11 states would not be affected by the bill. Biomass, geothermal, hydrokinetic, hydropower, landfill gas, ocean, solar, tidal, and wind energies are all classified as renewable sources under the bill.

Posted in SREC Markets, State RPS | Comments Off on Proposed Bill Introduces a National Renewable Energy Standard (RES)

California LCFS Pricing Update: Market Continues to Gain

Posted June 12th, 2019 by SRECTrade.

As per data released by the California Air Resources Board (CARB) on June 11th, the Low Carbon Fuel Standard (LCFS) market continued its upward price trend this past week, increasing to a weighted average weekly price of $188.84. This is up $1.78 from last week’s average price of $187.06 and the second straight week we have seen an uptick in LCFS pricing. The market also saw a jump in volume this past week with 325,708 credits transferred, up from last week’s volume of 106,031 and the last twelve month (LTM) weekly average of 243,077.

In recent weeks, we have also seen a decrease in daily price variance over a given week. This indicates a more uniformly priced market and perhaps a steadier volume of credits transacted on a daily basis.

Please click on the pricing chart below for a visualization of LTM trends.

Data Source: California Air Resources Board (CARB)

Posted in Low Carbon Fuel Standard, SREC Markets | Comments Off on California LCFS Pricing Update: Market Continues to Gain

Maryland SREC Market Update

Posted June 10th, 2019 by SRECTrade.

On May 22nd, 2019, Maryland Governor Larry Hogan announced his decision to let the Maryland Clean Energy Jobs Act pass without his signature. The Act increases Maryland’s Renewable Portfolio Standard to an aggressive 50% by 2030. Additionally, the solar carve out target increased to 14.5% by 2028 and the Solar Alternative Compliance Penalty (SACP) was adjusted to $100.00 in 2019 and 2020, and decreasing each year thereafter. In response to these anticipated, and now enacted, legislative changes, the SREC market in Maryland has experienced a significant upward swing from $11.00 to $65.00 since the beginning of 2019.

Electricity load that was signed under contract prior to the bill’s effective date of October 1, 2019, is not subject to the new compliance obligations. Our calculations assume that approximately 80% of the 2019 electricity load is under prior contract and therefore exempt, with 25% of that exempt load rolling into the new compliance obligations each year moving forward.

Solar build rates have been trending downwards over the last six months in comparison to the last twelve months. Assuming no drastic decrease in build rate, we expect the market to be oversupplied in 2019, and undersupplied each year thereafter. The enclosed analysis further details the implications of the Maryland Clean Energy Jobs Act and the potential responses from the MD SREC market.

Posted in Maryland, SREC Markets | Comments Off on Maryland SREC Market Update

SRECTrade Implements HelioScope Integration As Latest Technology Solution

Posted June 3rd, 2019 by SRECTrade.

SRECTrade is excited to announce its new HelioScope integration, allowing users to seamlessly transfer data between the online platforms. This new feature provides SRECTrade applicants with the ability to import project details from HelioScope to prefill fields in the SRECTrade project application. The integration will save time for SRECTrade’s partners and reduce the chance of error during the renewable energy credit (REC) application process.

To import HelioScope project details, a HelioScope user needs to obtain an API Token and connect it with their SRECTrade account. This will allow the user to utilize the information stored in HelioScope to populate REC application fields such as facility type, owner details, array setup, and more. For more specific instructions on how to utilize the HelioScope integration, please email installers@srectrade.com.

The HelioScope integration is the latest chapter in SRECTrade’s history of REC management and transaction innovation. Other recent technology advancements by SRECTrade include partnerships with eGauge and Fronius to allow solar owners using these inverter and meter products to automatically report their production to PJM-GATS, the REC tracking registry for much of the Midwest and Mid-Atlantic.

SRECTrade is always working toward automating the onboarding and management of assets in environmental commodity markets. For more information on technology integrations and partnerships, please reach out to clientservices@srectrade.com.

A copy of the full press release can be found here.

Posted in SREC Markets, SRECTrade News | Comments Off on SRECTrade Implements HelioScope Integration As Latest Technology Solution

Ohio House Advances Nuclear Subsidy Bill that Would Eliminate the State’s Renewable Portfolio Standard (RPS)

Posted May 31st, 2019 by SRECTrade.

The Davis-Basse Nuclear Power Station will be subsidized under Ohio House Bill 6. Source: News-Herald

On Wednesday, May 29th, the Ohio House of Representatives passed House Bill 6 (HB 6) 53-43 that would repeal the state’s renewable energy mandate and replace it with a nuclear subsidy program under the moniker “Clean Air Program”. This nuclear subsidy program would help bailout two ailing nuclear power plants in Ohio owned by bankrupt utility FirstEnergy Solutions by adding a $1 surcharge on customers’ monthly utility bills. The program would also extend a surcharge of $2.50 per month through 2030 to support ailing coal plants across the state.

The bill would eliminate the renewable portfolio standard (RPS) in Ohio, a key component to maintaining the financial viability of renewables compared with other fossil-fuel based electricity generation resources. As such, nearly all renewable assets generating OH-certified renewable energy credit (REC) or solar renewable energy credit (SREC) products would cease to generate these credits as of the effective date of the bill. Additionally, the bill would do away with the nearly $200 million program to fund energy efficiency and demand response initiatives, which saved Ohio customers over $5 billion from 2009 to 2017, according to the Midwest Energy Efficiency Alliance.

The bill now moves on to the Ohio Senate. While state senators have not publicly voiced their support of the bill, outspoken support from Governor Mike DeWine and the Republican majority in the senate gives the bill momentum to pass.

SRECTrade strongly urges constituents and market stakeholders to reach out to members of the Ohio State Senate and voice their concern with this Bill. The Senate directory can be found here. SRECTrade will continue monitoring these policy proceedings closely and provide updates.

Posted in Environmental Policy, Indiana, Kentucky, Michigan, Ohio, SREC Markets, Tennessee, West Virginia | Comments Off on Ohio House Advances Nuclear Subsidy Bill that Would Eliminate the State’s Renewable Portfolio Standard (RPS)

Maryland Clean Energy Jobs Act (CEJA) Passes into Law

Posted May 28th, 2019 by SRECTrade.

On Friday, May 22nd, Governor Larry Hogan announced that he would let the Maryland Clean Energy Jobs Act (SB-516) pass without his signature. The Governor’s decision to let the bill pass puts Maryland at the forefront of a growing list of states with aggressive renewable targets. This legislation requires 50% of Maryland’s energy to come from renewable sources and 14.5% from in-state solar, by 2030. In addition to the 2030 targets, the bill mandates that the state conduct research on strategies to reach 100% renewable energy sources by 2040, among other initiatives.

The Governor supplemented his decision to let the bill pass unsigned with a letter to Maryland Senate President, Thomas V. Miller, expressing his concerns with the bill and affirming his promise to continue pushing for a cleaner portfolio of energy resources in Maryland. SRECTrade will conduct further analysis on the impacts of this legislation and publish a comprehensive SREC market analysis in the coming weeks.

Posted in Maryland, SREC Markets | Comments Off on Maryland Clean Energy Jobs Act (CEJA) Passes into Law