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Conn. renewable energy credit prices mixed despite talk of RPS hike

Renewable energy credit prices at major market centers across the U.S. chopped around near the end of March.

During the week ended March 23, Connecticut vintage 2017 class I REC prices posted an average at $6.08/MWh, while vintage 2018 class I RECs came in at an index at $17.38/MWh, down 6 cents and up 30 cents, respectively, week over week.

Connecticut REC prices ended March on a mixed note despite talk of increasing the state's renewable portfolio standard. Connecticut Gov. Dannel Malloy is urging lawmakers to pass a bill that would, among other things, hike the state's class I RPS mandate to 40% by 2030.

Senate Bill 9, or "An Act Concerning Connecticut’s Energy Future," seeks to double the state's RPS from a current level that plateaus at 20% in 2020. Generation resources that would qualify as renewables under the bill include solar, wind, run-of-the-river hydropower, landfill methane gas, biomass, fuel cells and anaerobic digestion.

In February, the Connecticut Department of Energy and Environmental Protection released the comprehensive energy strategy calling for an increase in the state's class I RPS target to 40% by 2030.

To reach this target, the Department of Energy and Environmental Protection recommended increasing the requirement by 2% yearly from 2020 to 2030. The proposal acknowledged the likelihood of increased REC prices due to the proposed RPS increase and suggested that the state lower the alternative compliance payment or the price that utilities pay if they fail to meet renewable targets.

Elsewhere, New Jersey solar and nonsolar market prices were varied as well near the end of March.

New Jersey energy year 2018 SRECs saw an index at $227.00/MWh, up 17 cents week over week. Garden State energy year 2019 SRECs posted an average at $228.33/MWh, down 34 cents from the week before.

New Jersey class I REC prices slipped in value following recent gains. Vintage 2018 class I RECs eased 5 cents in value to $5.58/MWh, while vintage 2019 class I RECs fell 18 cents to $5.98/MWh.

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