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NJ solar renewable energy credit prices rise; Ohio values flat after volatility

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NJ solar renewable energy credit prices rise; Ohio values flat after volatility

Over-the-counter U.S. renewable energy credit prices were mixed at major markets during the week ended Aug. 15.

While Ohio in-state solar markets evened out after recent steep losses, credits in New Jersey continued to advance due to rising buying interest.

Energy-year 2019 SRECs in the Garden State came in at $236.50/MWh, rising $1.58 in value from the week prior. New Jersey energy-year 2020 SRECs were up more than $5 to $236.42/MWh.

Elsewhere in New Jersey, vintage 2019 class I REC prices were pegged at an index of $6.29/MWh, while vintage 2020 class I RECs were priced at $6.53/MWh, up 1 cent and 38 cents, respectively.

In Ohio, SREC market prices were flat on the week following recent volatility sparked by the passage of legislation that would eliminate the state's solar carve-out starting in 2020. Ohio 2019 in-state SRECs posted an index at $6.94/MWh again, with 2020 in-state SRECs firm week over week at an average of $8.50/MWh.

The longer-term result of the legislation, signed into law by Ohio Gov. Mike DeWine at the end of July that would also lower and freeze the state's renewable energy mandate from 12.5% to 8.5% in 2026, could push Ohio in-state SREC prices down to the $4.00/MWh level, analysts said previously. Although it remains unclear, it is likely that Ohio-generated SRECs will be eligible to be sold in the Pennsylvania Tier I REC and Ohio REC market instead, they added.

During the week ended Aug. 15, Ohio-located 2019 RECs posted an index at $5.38/MWh, up 2 cents, while 2020 RECs also gained 2 cents week over week to post an index at $5.62/MWh.

Massachusetts SREC I markets were varied but mostly higher during the middle of August. Massachusetts 2019 SREC I prices gained more than $1.50 to $382.67/MWh, while the 2020 SREC I market was down 8 cents to $347.00/MWh. Massachusetts 2019 SREC IIs ticked about $4 higher to $307.67/MWh, as 2020 SREC IIs rose 50 cents on the week to $288.50/MWh.

According to results posted by the Massachusetts Department of Energy Resources, or DOER, all of the Massachusetts 2018 SREC Is and IIs submitted to the auction account were sold in the first round of the Solar Credit Clearinghouse Auction on July 25. The DOER showed that 21 entities bid on 9,780 SREC Is, above the available auction volume of 632 credits, while 21 entities bid on 63,388 SREC IIs, well above the available auction volume of 4,626 SREC IIs.

The auction serves as a price support mechanism for the market in years when more SRECs are produced than compliance buyers need. The SREC compliance obligation, the amount of credits suppliers are required to purchase in any given year, is determined by a formula that takes into account the amount of SRECs to be generated, SRECs banked from previous periods and the number of SRECs deposited and purchased in the clearinghouse auction.

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