Platts to add daily Singapore I-REC price assessments

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

The assessments will provide transparency to the growing I-RECs market in Singapore, and complement Platts' existing 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 will 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 represents one megawatt-hour of electricity generated from renewable sources, as certified, and recorded within the I- TRACK Foundation registry.

The assessments will be published in SGD/MWh with a 4:30 pm Singapore timestamp for solar technology.

These assessments will also follow the Singapore holiday calendar.

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