Energy Transition, Renewables, Emissions, Carbon
April 15, 2026
ET Highlights: Virginia prepares to reenter RGGI, Brussels confirms first CBAM certificate price, ammonia-powered gas turbine test coming in Malaysia
Energy Transition Highlights: Our editors and analysts bring together the biggest stories in the industry this week, from renewables to storage to carbon prices.
Top story
RGGI prices hit record highs as Virginia aims for Q3 auction participation
Regional Greenhouse Gas Initiative emissions allowances continued their streak of record-high prices on April 7, ahead of Virginia’s upcoming reentry into the multi-state carbon trading program.
Platts, part of S&P Global Energy, assessed RGGI next-December strip allowances at a record $29.97/allowance April 7, up from the previous record of $29.44/alw set on April 2.
Prices are soaring, as Virginia is poised to reshape trading dynamics and supply of allowances in the program, according to analysts with S&P Global Energy Horizons. The state’s emissions in 2021-2023 were the second-highest among RGGI states during that period, just behind New York. Former Governor Glenn Youngkin, a Republican, pulled the state out of the program in 2023.
“Virginia will formally resume participation in RGGI July 1 when compliance with the rule will begin,” Irinia Calos, communications manager from the Virginia Department of Environmental Quality, said in an April 7 email. “This will allow Virginia to participate in the September and December RGGI auctions.”
The state's Department of Environmental Quality is working to reinstate the previous Carbon Dioxide Budget Trading Program, with some amendments to remove outdated references and to address the time period when the rule was not in effect, Calos said. The first regulatory action must be completed by May 21, 2026, she said.
Virginia's reentry comes after the state's General Assembly passed House Bill 29, which provided DEQ with clear direction to rejoin RGGI in an expeditious manner, Calos said. DEQ has had conversations with other RGGI states on the logistics of rejoining the program, she said.
Benchmark of the Week
$29.14/alw
Platts assessed next-December Regional Greenhouse Gas Initiative carbon allowances at $29.14/alw on April 10. Prices slightly backed off record highs, but Virginia’s upcoming reentry into the multistate program is expected to reshape its trading dynamics.
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Brussels confirms first CBAM certificate price for Q1 2026 at Eur75.36/mtCO2e
The first quarterly price for the EU's Carbon Border Adjustment Mechanism certificates was set at Eur75.36/metric tons of CO2 equivalent, establishing the carbon cost that importers will face for goods brought into the EU during Q1 2026, the European Commission said April 7. The price reflects the average closing price of EU Emissions Trading System allowances auctioned during January-March 2026 through the European Energy Exchange, ensuring imported carbon-intensive goods face similar costs to domestic EU products.
Japan's GX-ETS mandatory phase begins; demand muted as companies await allocation clarity
One week after Japan's Green Transformation Emissions Trading Scheme (GX-ETS) entered its mandatory phase, trading activity in J-Credits and Joint Crediting Mechanism units remains absent -- particularly on the exchange -- as covered entities continue to delay compliance positioning amid ongoing uncertainty over free allowance allocations and banking rules. The GX‑ETS moved into Phase 2 on April 1, following a three‑year voluntary period, and now applies to companies emitting at least 100,000 metric tons/year of CO2, collectively accounting for roughly 60% of Japan's emissions.
INTERVIEW: Hourly matching as a key mechanism for long-term energy security, says Renewabl CEO
The need to transition toward more traceable and localized renewable energy sources is becoming increasingly apparent, with the Middle East conflict further highlighting this need, according to JP Cerda, CEO of Renewabl, told Platts, part of S&P Global Energy. The Middle East conflict has raised issues of sovereignty and energy security, which hourly matching and Energy Attribute Certificates (EACs) have helped address, Cerda said.
EC eyeing country-level standard for EU methane regulation
The European Commission is closing in on recommendations for compliance and penalties under the European Union's methane emissions regulation amid sustained frustration from market participants ahead of a 2027 regulatory deadline when tighter legal requirements begin, the EU's director-general for energy, Ditte Juul Jorgensen, said at the Eurogas Methane Emissions Conference in Brussels. The EU regulation aims to reduce methane emissions from the energy sector, both in Europe and across global supply chains. It includes a methane emissions reporting requirement for natural gas, crude oil, and coal imports.
S&P Global Energy Core
IHI, Petronas to demonstrate ammonia-powered gas turbine in Malaysia
Japan’s IHI Corp. has signed a Joint Collaboration Demonstration Agreement with subsidiaries of Petronas Chemicals Group Berhad to demonstrate an ammonia-powered gas turbine operating fully on ammonia fuel, according to IHI. The parties will deploy IHI's fully ammonia-powered gas turbine at PCG's ammonia plant at the Petronas Kertih Integrated Petrochemical Complex in Terengganu, Malaysia, using ammonia produced by the plant. Once in operation, it will demonstrate a new end-use case for ammonia (as fuel) using the ammonia powered gas turbine technology to produce clean power.
Gresham House fund receives 2029 connection offers for 2 UK battery projects
Gresham House Energy Storage Fund has received grid connection offers for two battery energy storage projects in the UK, providing clarity for the majority of its pipeline under its three-year plan. The latest "Gate 2" connection offers from the National Energy System Operator, scheduled for 2029, are for the 57-megawatt Lister Drive and 240-MW Ocker Hill battery storage systems. Construction of the projects could begin in the first half of 2027, with completion expected in the second half of 2029, according to an April 10 statement.
Saudi Arabian I-REC issuances and redemptions grow on year in Q1: I-TRACK
Saudi Arabian International Renewable Energy Certificate redemptions increased by more than 12% year over year in the first quarter, according to monthly data from the I-TRACK Foundation. Redemptions totaled 217.3 gigawatt-hours in Q1, compared with 194.6 GWh in the previous year, according to the data released April 9. The rise was driven by buyers canceling I-RECs to offset their Scope 2 emissions ahead of the 2025-2026 financial reporting deadline at the end of March.
Australia’s Murchison Green Hydrogen project gets investor pilot support
Australia has picked Murchison Green Hydrogen in Western Australia for an investor pilot program, according to the government, a move designed to fast track the 2 million mt/year renewable ammonia project. Murchison Green Hydrogen will be part of the government’s ‘Investor Front Door’, which will streamline how project developers interact with the government, helping them navigate approval processes to speed up, in the national interest. The project is expected to have a generation capacity of up to 6 GW from onshore wind and solar farms.