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Cross-State Air Pollution Rule 2017 emissions prices ease again

Q2: U.S. Solar and Wind Power by the Numbers

Essential Energy Insights - September 17, 2020

Essential Energy Insights September 2020

Rate case activity slips, COVID-19 proceedings remain at the forefront in August


Cross-State Air Pollution Rule 2017 emissions prices ease again

Price indications for 2017 Cross-State Air Pollution Rule seasonal nitrogen oxide emissions for 2017 continued to leak lower in value during the middle of October. Prices were assessed in a bid-and-offer spread of $275 to $375 during the week that ended Oct. 13, easing from $300 to $375 the week prior.

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Cross-State Air Pollution Rule, or CSAPR, 2017 seasonal nitrogen oxide, or NOx, price indications surged above $700 in May, when buyers began to hedge ozone season emissions at a time when allocations were cut by more than 40% for the year by the U.S. Environmental Protection Agency.

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Following an overall mild summer in many regions of the country, lackluster buying interest has largely kept pressure on 2017 seasonal NOx allowance prices since September.

Meantime, CSAPR 2018 seasonal NOx allowances held to a bid-and-offer spread of $175 to $275.

CSAPR 2017 annual NOx allowances were assessed again in a bid-and-ask range of $1.50 to $3 during the week that ended Oct. 13.

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CSAPR 2017 Group 1 sulfur dioxide, or SO2, allowances held to a bid-and-offer spread of 25 cents to $4, while 2017 Group 2 SO2 allowances were also flat between 25 cents on the bid side and $5 on the offer end during the week under review.

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NJ solar renewable energy credit prices climb after recent retreat

After a recent drop in value, New Jersey solar renewable energy credit, or SREC, prices rebounded during the second week of October.

New Jersey energy year 2017 SRECs posted an index at $192.08/MWh, while energy year 2018 SRECs saw an average at $196.58/MWh, up 20 cents and nearly $9, respectively, from a week earlier.

Despite an abundance of supply, New Jersey SREC prices advanced in September ahead of the Oct. 1 compliance report deadline for energy year 2017.

The most recent figures from the New Jersey Office of Clean Energy indicate that New Jersey had installed a cumulative total of 2,252.4 MW of solar capacity as of Aug. 31.

Following weeks of losses, New Jersey class I REC prices shifted higher in value during the week under review. Vintage 2017 class I RECs saw an average at $3.17/MWh, up 14 cents, as vintage 2018 class I RECs posted an index at $3.45/MWh, rising 21 cents week over week.

In Maryland, solar and nonsolar REC prices for 2017 were firm to higher during the week under review. Vintage 2017 tier I RECs came in at an index at $3.01/MWh, flat on the week. Maryland solar RECs for 2017 saw an average at $6.08/MWh, up 20 cents week over week.

Officials in Maryland are working on crafting a bill that would boost the state's renewable energy target to 50% by 2030 and call for the use of more solar and offshore wind.

Earlier this year, the state legislature raised its target to 25% by 2020 after overriding a veto by Republican Gov. Larry Hogan. The target specifies that 2.5% of electricity supply comes from solar sources by 2020.

The draft bill includes a 14.5% solar target for 2030. The rest of the 50% target would be fulfilled by additional Tier 1 renewables, which includes a variety of resources including solar, wind, biomass and geothermal power.

In Connecticut, class I REC markets ran mixed during the week that ended Oct. 13. Vintage 2017 class I RECs in the state posted an index at $13.71/MWh, up 71 cents. Connecticut vintage 2018 class I REC prices were down $1.25 week over week to an index at $18.88/MWh.

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