Electric Power, Energy Transition, Renewables

January 27, 2025

Platts adds daily Singapore I-REC price assessments

HIGHLIGHTS

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Platts, part of S&P Global Commodity Insights, has launched Singapore international renewable energy certificate (I-REC) assessments, effective Jan. 27, 2025.

The assessments provide transparency to the growing I-RECs market in Singapore and complement Platts' existing suite of I-REC assessments.

Singapore aims to deploy 2 gigawatt-peak of solar energy by 2030, meeting 3% of projected electricity demand and annual needs. Renewable Energy Certificates (RECs) have become a widely adopted solution in Singapore, enabling energy users, including businesses, to achieve their sustainability objectives through REC purchases.

Singapore's I-RECs redemption for solar has grown by about 113% year on year, as of November 2024, while issuance has grown by 284% compared to 2023.

The I-REC assessments reflect spot deliveries of certificates, representing a minimum 1 GWh, for previous year, current year, year +1, and year +2 vintages, rolling to the next vintages at the start of each calendar year.

For example, the vintages reflected in the assessments on Jan. 27, 2025 will be for 2024, 2025, 2026, and 2027, and will be reflected through Dec. 31, 2025. Vintages reflected in the assessments will roll to 2025, 2026, 2027 and 2028 on Jan. 1, 2026, and so on in subsequent years.

Each I-REC represents the environmental attributes of renewable electricity and signals one megawatt-hour of electricity generated from renewable sources, as certified and recorded within the I-TRACK Foundation registry.

The assessments are published in SGD/MWh, with a conversion for USD/MWh, at a 4:30 pm Singapore timestamp for solar technology. They also follow the Singapore publishing holiday calendar.

Details of the new Platts Singapore I-REC assessments are as follows:

Symbol Description
IRSYA00 I-REC Singapore Solar Previous Year SGD/MWh
IRSYE00 I-REC Singapore Solar Previous Year $/MWh
IRSYB00 I-REC Singapore Solar Current Year SGD/MWh
IRSYF00 I-REC Singapore Solar Current Year $/MWh
IRSYC00 I-REC Singapore Solar Year + 1 SGD/MWh
IRSYG00 I-REC Singapore Solar Year + 1 $/MWh
IRSYD00 I-REC Singapore Solar Year + 2 SGD/MWh
IRSYH00 I-REC Singapore Solar Year + 2 $/MWh

These assessments can be found on the fixed pages ETA2214, CLE2214, and EVA2214, as well as in REC Daily.

Please send all feedback and comments to PriceGroup@spglobal.com and global_renewables @spglobal.com.

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