04 Mar 2022 | 20:23 UTC

S&P Global Commodity Insights to expand US renewable power and carbon certificate coverage

  • S&P Global to expand delivery months for emissions assessments
  • S&P Global to add new vintages and locations for RECs, SRECs
  • S&P Global to keep weekly cadence for existing assessments

S&P Global Commodity Insights has decided to launch 139 new price assessments for Renewable Energy Certificates, the Regional Greenhouse Gas Initiative, California Carbon Allowances and California Carbon Offsets, effective April 7.

The new assessments will be published every Thursday, or the prior business day if Thursday is a public holiday, together with S&P Global's existing REC, RGGI, CCA and CCO assessments.

S&P Global first proposed this change in a subscriber note published Jan. 31 here: https://www.spglobal.com/platts/en/our-methodology/subscriber-notes/013122-platts-proposes-to-expand-us-renewable-power-and-carbon-certificate-coverage

The decision follows extensive market research and S&P Global's observation of rising liquidity in various REC and carbon markets. The decision aims at enhancing market transparency in the complex renewable energy and carbon markets.

S&P Global has also decided to continue the publication of existing assessments on a weekly basis at this time. The original proposal was to increase the frequency of the following assessments to a daily basis.

Current Assessment Name
New Assessment Name
Code
California Tradable REC (Bucket 3) Weekly
California Bundled REC Bucket 3 Current Year Vintage
RECCAB3
Connecticut REC Class I Weekly
Connecticut REC Class 1 Current Year Vintage
RECCTC1
Maryland REC Tier I Weekly
Maryland REC Tier 1 Current Year Vintage
RECMDT1
Massachusetts REC Class I Weekly
Massachusetts REC Class 1 Current Year Vintage
RECMAC1
New Jersey REC Class I Weekly
New Jersey REC Class 1 Current Year Vintage
RECNJT1
Ohio In-State REC Weekly
Ohio non-Solar REC Current Year Vintage
RECOHI0
Pennsylvania REC Tier I Weekly
Pennsylvania AEC* Tier 1 Current Year Vintage
RECPAT1
Texas REC Weekly
Texas non-Solar Compliance REC Current Year Vintage
RECTX00
Maryland Solar REC Weekly
Maryland SREC Current Year Vintage
RECMDS0
Massachusetts Solar REC Weekly
Massachusetts SREC 1 Current Year Vintage
RECMAS0
New Jersey Solar REC Weekly
New Jersey SREC Current Year Vintage
RECNJS0
Ohio In-State Solar REC Weekly
Ohio SREC Current Year Vintage
RECOHSI
Pennsylvania Solar REC Weekly
Pennsylvania SAEC Current Year Vintage
RECPAS0
California Bundled REC (Bucket 1) Weekly
California Bundled REC Bucket 1 Current Year Vintage
RECCAB1
California Bundled REC (Bucket 2) Weekly
California Bundled REC Bucket 2 Current Year Vintage
RECCAB2
US Voluntary REC Any Technology Weekly
National Green-e Certified REC Any technology Current Year Vintage
RECUSAV
US Voluntary REC Wind Weekly
National Green-e Certified Wind Current Year Vintage
RECUSWV
REC Carbon California Carbon Allowance Weekly
CCA Next December Strip Current Year Vintage
ARECB04
REC Carbon California Offset Weekly
CCO Next December Strip Current Year Vintage
ARECC04
REC Carbon RGGI Weekly
RGGI Next December Strip Current Year Vintage
ARECA04

*Alternative Energy Credit

NEW DELIVERY STRIPS FOR EMISSIONS: S&P Global will start assessing current-month and next-month delivery for RGGI, CCA and CCO, in addition to currently assessed December delivery for these certificates. S&P Global has observed the tendency in the market to trade across strips, or delivery months. The current and next months will roll on the first of the month. December delivery assessment currently rolls on Jan.1.

Example: RGGI certificate

Assessment date

Next December

Current month

Next month

April 1, 2022

December 2022

April 2022

May 2022

May 1, 2022

December 2022

May 2022

June 2022

November 1, 2022

December 2022

November 2022

December 2022

December 1, 2022

December 2022

December 2022

January 2023

January 1, 2023

December 2023

January 2023

February 2023

NEW VINTAGES FOR REC, SREC: S&P Global will assess prior year, current year and next year vintage for all Class 1 and Tier 1 RECs and Solar RECs given existing market interest in trading vintages other than the current vintage. The assessments of all vintages will reflect prompt delivery. S&P Global currently assesses only current year. The vintages will roll on the roll date, which varies by location, according to the date established for each certificate by relevant legislation.

Example: New Jersey REC Class 1

Energy year: 2022

Roll Date: October 2

Assessment date

Certificate

Prior Year Vintage

Current Year Vintage

Next Year Vintage

October 1, 2022

NJ-REC Class 1

2021

2022

2023

October 2, 2022

NJ-REC Class 1

2022

2023

2024

NEW LOCATIONS, CLASSES, TIERS FOR REC, SREC: S&P Global has observed regulatory differences among the US states, which have resulted in diverging REC and SREC markets across the country. S&P Global will start assessing RECs and SRECs in additional locations — US states, groups of states, and districts — to provide transparency in a wider geographic area. The definitions of classes, tiers and buckets are specified by each location's legislation and refer to technology type, facility age or facility size.

The assessments will be published weekly in the Megawatt Daily, Energy Trader, on Platts real-time fixed pages PEA 0750, AGP 2750, PEA 0751, AGP 2751, PEA 0752, AGP 2752, PEA 0753, AGP 2753, PEA 0754, AGP 2754, Platts Dimensions Pro and in the Platts price database under the following codes:

Description

Unit of Measure

Symbol

Connecticut REC Class 1 Next Year Vintage

$/MWh

AREAN00

Connecticut REC Class 1 Prior Year Vintage

$/MWh

AREAM00

Connecticut REC Class 2 Current Year Vintage

$/MWh

AREAO00

Connecticut REC Class 3 Current Year Vintage

$/MWh

AREAP00

Massachusetts REC Class 1 Next Year Vintage

$/MWh

AREAB00

Massachusetts REC Class 1 Prior Year Vintage

$/MWh

AREAA00

Massachusetts REC Class 2 (non-WTE) Current Year Vintage

$/MWh

AREAC00

Massachusetts REC Class 2 WTE Current Year Vintage

$/MWh

AREAD00

Massachusetts AEC Current Year Vintage

$/MWh

AREAE00

Massachusetts CES Current Year Vintage

$/MWh

AREAF00

Maine REC Class 1 Current Year Vintage

$/MWh

ARFAQ00

Maine REC Class 1 Next Year Vintage

$/MWh

ARFAR00

Maine REC Class 1 Prior Year Vintage

$/MWh

ARFAP00

Maine REC Class 1A Current Year Vintage

$/MWh

ARFAS00

Maine REC Class 2 Current Year Vintage

$/MWh

ARFAT00

New Hampshire REC Class 1 Current Year Vintage

$/MWh

ARFAV00

New Hampshire REC Class 1 Next Year Vintage

$/MWh

ARFAW00

New Hampshire REC Class 1 Prior Year Vintage

$/MWh

ARFAU00

New Hampshire REC Class 1 Thermal Current Year Vintage

$/MWh

ARFAX00

New Hampshire REC Class 2 Current Year Vintage

$/MWh

ARFAY00

New Hampshire REC Class 3 Current Year Vintage

$/MWh

ARFAZ00

New Hampshire REC Class 4 Current Year Vintage

$/MWh

ARGAA00

Rhode Island REC Existing Current Year Vintage

$/MWh

ARGAB00

Rhode Island REC New Current Year Vintage

$/MWh

ARGAC00

Vermont REC Tier 1 Current Year Vintage

$/MWh

ARGAG00

Vermont REC Tier 1 Next Year Vintage

$/MWh

ARGAH00

Vermont REC Tier 1 Prior Year Vintage

$/MWh

ARGAF00

Vermont REC Tier 2 Current Year Vintage

$/MWh

ARGAI00

NEPOOL REC Dual Qualified Class 1 Current Year Vintage

$/MWh

ARHAA00

NEPOOL REC Dual Qualified Class 1 Next Year Vintage

$/MWh

ARHAB00

NEPOOL REC Dual Qualified Class 1 Prior Year Vintage

$/MWh

ARGAZ00

Maryland REC Tier 1 Next Year Vintage

$/MWh

AREAR00

Maryland REC Tier 1 Non Black Liquor Current Year Vintage

$/MWh

AREAT00

Maryland REC Tier 1 Prior Year Vintage

$/MWh

AREAQ00

Maryland REC Tier 2 Current Year Vintage

$/MWh

AREAS00

Pennsylvania AEC Tier 1 Next Year Vintage

$/MWh

AREAY00

Pennsylvania AEC Tier 1 Prior Year Vintage

$/MWh

AREAX00

Pennsylvania AEC Tier 2 Current Year Vintage

$/MWh

AREAZ00

New Jersey REC Class 1 Next Year Vintage

$/MWh

AREAV00

New Jersey REC Class 1 Prior Year Vintage

$/MWh

AREAU00

New Jersey REC Class 2 Current Year Vintage

$/MWh

AREAW00

Ohio non-Solar REC Next Year Vintage

$/MWh

ARGAE00

Ohio non-Solar REC Prior Year Vintage

$/MWh

ARGAD00

DC REC Tier 1 Current Year Vintage

$/MWh

ARGAO00

DC REC Tier 1 Next Year Vintage

$/MWh

ARGAP00

DC REC Tier 1 Prior Year Vintage

$/MWh

ARGAN00

DC REC Class 2 Current Year Vintage

$/MWh

ARGAQ00

Delaware REC Tier 1 Current Year Vintage

$/MWh

ARGAS00

Delaware REC Tier 1 Next Year Vintage

$/MWh

ARGAT00

Delaware REC Tier 1 Prior Year Vintage

$/MWh

ARGAR00

Delaware REC Class 2 Current Year Vintage

$/MWh

ARGAU00

Virginia non-Solar REC Current Year Vintage

$/MWh

ARGAW00

Virginia non-Solar REC Next Year Vintage

$/MWh

ARGAX00

Virginia non-Solar REC Prior Year Vintage

$/MWh

ARGAV00

Virginia In-State non-Solar REC Current Year Vintage

$/MWh

ARGAY00

PJM Tri-Qualified REC Tier 1 Current Year Vintage

$/MWh

ARHAD00

PJM Tri-Qualified REC Tier 1 Next Year Vintage

$/MWh

ARHAE00

PJM Tri-Qualified REC Tier 1 Prior Year Vintage

$/MWh

ARHAC00

Texas non-Solar Compliance REC Current Year Vintage BH

$/MWh

ARFAE00

Texas non-Solar Compliance REC Current Year Vintage FH

$/MWh

ARFAD00

Texas non-Solar Compliance REC Next Year Vintage

$/MWh

ARFAF00

Texas non-Solar Compliance REC Prior Year Vintage

$/MWh

ARFAA00

Texas non-Solar Compliance REC Prior Year Vintage BH

$/MWh

ARFAC00

Texas non-Solar Compliance REC Prior Year Vintage FH

$/MWh

ARFAB00

Texas Green-e Eligible Wind REC Current Year Vintage

$/MWh

ARFAI00

Texas Green-e Eligible Wind REC Current Year Vintage BH

$/MWh

ARFAK00

Texas Green-e Eligible Wind REC Current Year Vintage FH

$/MWh

ARFAJ00

Michigan non-Solar REC Current Year Vintage

$/MWh

ARFAM00

Michigan non-Solar REC Next Year Vintage

$/MWh

ARFAN00

Michigan non-Solar REC Prior Year Vintage

$/MWh

ARFAL00

Michigan iREC Current Year Vintage

$/MWh

ARFAO00

New York Tier 1 Current Year Vintage

$/MWh

ARGAK00

New York Tier 1 Next Year Vintage

$/MWh

ARGAL00

New York Tier 1 Prior Year Vintage

$/MWh

ARGAJ00

New York Wind REC Current Year Vintage

$/MWh

ARGAM00

M-RETS Compliance REC from CRS Listed Facilities Current Year Vintage BH

$/MWh

ARHAG00

M-RETS Compliance REC from CRS Listed Facilities Current Year Vintage FH

$/MWh

ARHAF00

NAR Any REC Current Year Vintage

$/MWh

ARHAI00

NAR Any REC Next Year Vintage

$/MWh

ARHAJ00

NAR Any REC Prior Year Vintage

$/MWh

ARHAH00

NAR Any Green-e Eligible REC Current Vintage

$/MWh

ARHAK00

NAR Any Green-e Eligible REC Current Vintage BH

$/MWh

ARHAM00

NAR Any Green-e Eligible REC Current Vintage FH

$/MWh

ARHAL00

NAR Green-e Eligible Wind REC Current Year Vintage

$/MWh

ARHAN00

NAR Green-e Eligible Wind REC Current Year Vintage BH

$/MWh

ARHAP00

NAR Green-e Eligible Wind REC Current Year Vintage FH

$/MWh

ARHAO00

Massachusetts SREC 1 Next Year Vintage

$/MWh

ARHAV00

Massachusetts SREC 1 Prior Year Vintage

$/MWh

ARHAU00

Massachusetts SREC 2 Current Year Vintage

$/MWh

ARHAW00

Maryland SREC Next Year Vintage

$/MWh

ARHAY00

Maryland SREC Prior Year Vintage

$/MWh

ARHAX00

New Jersey SREC Next Year Vintage

$/MWh

ARIAH00

New Jersey SREC Prior Year Vintage

$/MWh

ARIAG00

Pennsylvania In-State SAEC Current Year Vintage

$/MWh

ARIAB00

Pennsylvania In-State SAEC Tier 2 Current Year Vintage

$/MWh

ARIAC00

Pennsylvania SAEC Next Year Vintage

$/MWh

ARIAA00

Pennsylvania SAEC Prior Year Vintage

$/MWh

ARHAZ00

Ohio SREC Next Year Vintage

$/MWh

ARIAJ00

Ohio SREC Prior Year Vintage

$/MWh

ARIAI00

DC SREC Current Year Vintage

$/MWh

ARIAL00

DC SREC Next Year Vintage

$/MWh

ARIAM00

DC SREC Prior Year Vintage

$/MWh

ARIAK00

Delaware SREC Class 1 Current Year Vintage

$/MWh

ARIAO00

Delaware SREC Class 1 Next Year Vintage

$/MWh

ARIAP00

Delaware SREC Class 1 Prior Year Vintage

$/MWh

ARIAN00

Virginia In-State SREC 1MW Current Year Vintage

$/MWh

ARIAX00

Virginia In-State SREC 1MW Next Year Vintage

$/MWh

ARIAY00

Virginia In-State SREC 1MW Prior Year Vintage

$/MWh

ARIAW00

Texas SREC Current Year Vintage

$/MWh

ARIAR00

Texas SREC Next Year Vintage

$/MWh

ARIAS00

Texas SREC Prior Year Vintage

$/MWh

ARIAQ00

Texas Compliance SREC from CRS Listed Facilities Current Year Vintage

$/MWh

ARIAT00

Texas Compliance SREC from CRS Listed Facilities Current Year Vintage BH

$/MWh

ARIAV00

Texas Compliance SREC from CRS Listed Facilities Current Year Vintage FH

$/MWh

ARIAU00

New York SREC Current Year Vintage

$/MWh

ARIAE00

New York SREC Next Year Vintage

$/MWh

ARIAF00

New York SREC Prior Year Vintage

$/MWh

ARIAD00

NAR SREC Current Year Vintage

$/MWh

ARJAA00

NAR SREC Next Year Vintage

$/MWh

ARJAB00

NAR SREC Prior Year Vintage

$/MWh

ARIAZ00

NAR SREC CRS Listed Current Year Vintage

$/MWh

ARJAC00

NAR SREC CRS Listed Current Year Vintage BH

$/MWh

ARJAE00

NAR SREC CRS Listed Current Year Vintage FH

$/MWh

ARJAD00

California Bundled REC Bucket 1 Next Year Vintage

$/MWh

AREAH00

California Bundled REC Bucket 1 Prior Year Vintage

$/MWh

AREAG00

California Bundled REC Bucket 2 Next Year Vintage

$/MWh

AREAJ00

California Bundled REC Bucket 2 Prior Year Vintage

$/MWh

AREAI00

California Bundled REC Bucket 3 Next Year Vintage

$/MWh

AREAL00

California Bundled REC Bucket 3 Prior Year Vintage

$/MWh

AREAK00

National Green-e Certified REC Any technology Next Year Vintage

$/MWh

ARHAR00

National Green-e Certified REC Any technology Prior Year Vintage

$/MWh

ARHAQ00

National Green-e Certified Wind Next Year Vintage

$/MWh

ARHAT00

National Green-e Certified Wind Prior Year Vintage

$/MWh

ARHAS00

RGGI Current Month Strip Current Year Vintage

$/Allowance

ARJAF00

RGGI Next Month Strip Current Year Vintage

$/Allowance

ARJAG00

CCA Current Month Strip Current Year Vintage

$/Allowance

ARJAH00

CCA Next Month Strip Current Year Vintage

$/Allowance

ARJAI00

CCO Current Month Strip Current Year Vintage

$/mt

ARJAJ00

CCO Next Month Strip Current Year Vintage

$/mt

ARJAK00

The new assessments will be based on the same methodology as S&P Global's existing REC and Emissions assessments, which can be found here: https://www.spglobal.com/platts/PlattsContent/_assets/_files/en/our-methodology/methodology-specifications/usrec.pdf

All REC, RGGI, CCA and CCO assessments will reflect the value of the certificate in $/MWh, $/Allowance or $/mt and will be based on the latest bids, offers, trades, indicative data, and other relevant market information received up to the close of the assessment process at 2:30 pm US and Canada Eastern Time (GMT-4) on the day of the assessment.

Pricing information for certificates with other specifications and terms may be normalized to the proposed standard.

Please send comments, questions, and other feedback to electricityprice@spglobal.com and pricegroup@spglobal.com.

For written comments, please provide a clear indication if comments are not intended for publication by S&P Global for public viewing. S&P Global will consider all comments received and will make comments not marked as confidential available upon request.