Platts to launch additional emissions-adjusted North American REC prices

Platts, part of S&P Global Commodity Insights, will publish additional emissions-adjusted Renewable Energy Certificate (EA REC) price assessments, as well as expanded emissions data for REC locations, from April 4, 2024.

The assessments are intended to provide market participants with clarity on the value of a REC based on the intensity of greenhouse gas emissions from power generation displaced by renewables production.

Platts initially launched EA RECs for ERCOT on Nov. 2, 2023 and introduced further EA REC assessments for PJM, MISO, CAISO and M-RETs on Jan. 18, 2024. Subscriber notes for the previous launches can be found here:

https://www.spglobal.com/commodityinsights/en/our-methodology/subscriber-notes/110223-platts-launches-emissions-adjusted-north-american-recs-prices

https://www.spglobal.com/commodityinsights/en/our-methodology/subscriber-notes/011824-platts-launches-further-emissions-adjusted-north-american-recs-prices

Alongside the new prices, Platts will begin publishing emissions data for each REC location, with information provided by clean energy data-driven solutions provider REsurety.

REsurety calculates locational marginal emissions for nodes across power grids in North America and has aggregated these to match REC contract location areas.

The REC emissions data will be published for prior full year and current year to date. The latter will be updated monthly based on latest available data.

The weekly EA REC price assessments will combine Platts existing $/MWh REC price assessments with the emissions data for that REC.

The EA REC values will be published on a $/mtCO2e basis and published alongside Platts' existing REC price assessments.

The EA REC prices will be published for the prior year and current year, with the latter using year to date emissions data.

Platts will also publish the corresponding REsurety's carbon abatement value in kg of CO2e/MWh.

REsurety's historical granular LME data and hourly generation modelling provides estimates of the carbon abated in each hour by each project.

Underlying LME values will be updated on a monthly cadence.

In this third launch, Platts will publish EA RECs for the following instruments:

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

Rhode Island REC New Current Year Vintage

Massachusetts REC Class 1 Prior Year Vintage

Massachusetts CES Current Year Vintage

Connecticut REC Class 1 Prior Year Vintage

Maine REC Class 1 Current Year Vintage

Maine REC Class 1A Current Year Vintage

New Hampshire REC Class 1 Current Year Vintage

New Hampshire REC Class 2 Current Year Vintage

Vermont REC Tier 1 Current Year Vintage

NEPOOL REC Dual Qualified Class 1 Current Year Vintage

Connecticut REC Class 1 Current Year Vintage

Massachusetts REC Class 1 Current Year Vintage

NAR Any REC Prior Year Vintage

NAR Any REC Current Year Vintage

NAR Any Green-e Eligible REC Current Vintage

NAR Any Green-e Eligible REC Current Vintage FH

NAR Green-e Eligible Wind REC Current Year Vintage

NAR Green-e Eligible Wind REC Current Year Vintage FH

National Green-e Certified REC Any technology Prior Year Vintage

National Green-e Certified Wind Prior Year Vintage

National Green-e Certified REC Any technology Current Year Vintage

National Green-e Certified Wind Current Year Vintage

Please submit any feedback, comments or questions to americas_renewables@spglobal.com and pricegroup@spglobal.com.

For written comments, please provide a clear indication if comments are not intended for publication by Platts for public viewing.

Platts will consider all comments received and will make comments not marked as confidential available upon request.