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NJ solar, class I RECs mostly higher amid lingering buying

Renewable energy credit prices at the U.S. over the counter markets chopped around during the week ended Sept. 5.

Ohio in-state solar and located RECs were once again stable following volatility earlier this summer, while solar and nonsolar REC prices in the active New Jersey markets were mostly higher due to lingering buying interest.

New Jersey energy year 2019 SRECs saw an index at $238.67/MWh, down 16 cents, while energy year 2020 SRECs came in at an average of $239.00/MWh, up 8 cents on the week.

New Jersey class I markets advanced to kick off the month of September. New Jersey vintage 2019 class I RECs notched a weekly index at $6.64/MWh, up 5 cents, as vintage 2020 class I RECs were priced at $6.91/MWh, increasing 12 cents week over week.

In tandem with the nearby New Jersey market, Pennsylvania Tier I REC prices ticked higher to kick off September. Vintage 2019 Tier I RECs came in at $6.79/MWh, gaining 21 cents on the weekly period, as vintage 2020 class I RECs in the state saw an index at $7.12/MWh, rising 35 cents from the week before.

Ohio SREC markets remained firm following a recent period of weakness that was the result of the passage of legislation to do away with the state's solar carve-out beginning in 2020. Ohio 2019 in-state SRECs held at an index at $6.94/MWh, and 2020 in-state SRECs ran at $8.50/MWh again during the first week of September.

The Ohio bill, signed into law by Gov. Mike DeWine at the end of July, would also lower and freeze the state's renewable energy mandate from 12.5% to 8.5% in 2026. Analysts noted previously that the implementation of the law should eventually weigh on Ohio in-state SREC prices.

Once the new law goes into effect, analysts said it is likely that available Ohio-generated SRECs could become eligible to be sold into the Pennsylvania Tier I REC and Ohio located REC market instead.

During the week ended Sept. 5, Ohio located 2019 RECs were also unchanged from the end of August, priced at an average of $5.43/MWh. Ohio located 2020 RECs were steady as well at $5.66/MWh during the week under review.

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