Platts proposes to unbundle RECs from ERCOT short-term wind and solar PPA assessments; clarifies long-term solar to remain bundled

Platts, part of S&P Global Energy, is proposing to unbundle Renewable Energy Certificates from its short-term wind and solar assessments, effective April 1, 2026.

This proposal follows market feedback and REsurety CleanTrade data showing that post-build wind and solar projects tend to be transacted without RECs. Platts has reflected energy and RECs together -- bundled -- in these assessments since launch, this proposal would change that approach by reflecting only energy -- unbundled -- in the final assessment for short-term PPAs. Under this proposal, Platts would normalize all short-term wind and solar PPA data to this standard for assessment purposes.

The proposed change to unbundled would impact the following daily assessments and monthly averages:

Platts defines short-term PPAs as those with a tenor of 12-60 months. Platts also wishes to clarify that on the first of each month, the short-term contract rolls forward to the front month. Likewise, on Jan. 1, the long-term contracts roll forward to the following year. For example, on Jan. 1, 2027, Platts will start assessing tenors from January 2028.

At the same time, Platts would like to clarify that its ERCOT long-term solar assessments have been consistently assessed as bundled products and will continue to remain bundled under the current methodology:

The daily assessments are found on the alert page CLE0006, and the monthly averages are available on CLE0007. These assessments also appear in the North American PPAs publication.

Please send any questions or comments to powerpricing@spglobal.com and pricegroup@spglobal.com by March 23, 2026.

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.