Platts proposes to add Saudi Arabia coverage to global I-RECs assessments

Platts, part of S&P Global Commodity Insights, proposes to launch Saudi Arabia international renewable energy certificate price assessments, effective Jan. 27.

The assessments would provide transparency to the growing I-RECs market in the Arabian Peninsula region.

As part of its Vision 2030 initiative, Saudi Arabia has set a goal to generate 50% of its energy from renewable sources by 2030.

That has led to an increased interest in I-RECs to support the sector's growth.

I-RECs in Saudi Arabia have seen growing demand since issuance started in second-quarter 2024.

Additionally, a growing number of solar power plants have been added to the grid, increasing the country's renewable capacity.

Saudi Arabia's net-zero by 2060 goal means investments into renewable projects are likely to continue and the tracking of their output via I-RECs will be important.

Each I-REC represents the environmental attributes of renewable electricity and 1 MWh of power generated from renewable sources, as certified and recorded within the I-REC Standard registry.

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

For example, the vintages reflected in the Jan. 27, 2025, assessments and up until those published on Dec. 31, 2025, are 2024 and 2025.

Vintages reflected in the assessments would roll to 2025 and 2026 on Jan. 1, 2026, and so on in subsequent years.

The assessments would be published for solar technology in $/MWh with a 4:30 pm London timestamp.

The new Saudi Arabia assessments would also follow the London publishing schedule and holiday calendar.

Details about the methodology for Platts I-REC assessments can be found here: https://www.spglobal.com/commodityinsights/PlattsContent/_assets/_files/en/our-methodology/methodology-specifications/global_renewables_certificates.pdf

Please send all comments, feedback, and questions to global_renewables@spglobal.com and pricegroup@spglobal.com by Dec. 29.

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