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CSAPR 2016 seasonal NOx prices rebound to close out September

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CSAPR 2016 seasonal NOx prices rebound to close out September

Price indications for Cross-State Air Pollution Ruleseasonal NOx allowances for 2016 rebounded at the end of September. Broker datashows seasonal NOx allowances for 2016 were pegged in a bid-and-ask spread of$300 to $360 during the week ended Sept. 29, moving up on the bid side from$275 the week prior.

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Seasonal NOx prices for 2017 were eyed again in abid-and-ask range of $600 to $1,700.

Seasonal NOx prices for 2016 had been on the upswing due toincreased buying interest but really took off after the U.S. EPA on Sept. 7finalized an update to CSAPR's seasonal NOx program. Under the update,beginning in May 2017, seasonal NOx allocations will be cut by more than 40%.

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CSAPR annual 2016 NOx allowances were quoted in abid-and-offer spread of $4 to $10, compared to a range of $5 to $8 the weekprior. CSAPR SO2 Group 1 allowances for 2016 were discussed in a bid-and-askrange again of 50 cents to $3, while CSAPR SO2 Group 2 allowances held to alevel of $1 and $6 during the week ended Sept. 29.

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Mass. solar marketsshift in mixed directions

In Massachusetts, solar market priceswere firm to lower to conclude the month of September. Massachusetts 2016SREC-I prices posted an index at $427.42/MWh, unchanged on the week, while 2016SREC-II values saw an average at $275.42/MWh, losing almost $3 from the weekprior.

"Expected oversupply still remains the realityreflected in pricing for 2016," according a recent post from SRECTrade.

The state's total installed solar capacity sits at 573.54 MW,and based on the current build rates, "we continue to see a grossoversupply for the MA2016 SREC-II market," SRECTrade said.

"Thus far, the market has generated 82,758 MA2016SREC-IIs and based on current build-rates and installed capacity, we estimatean additional 473,084 SRECs coming later in the year. Adding in the re-mintedvolumes of 67,046, we see a potential pool of supply upwards of 622,888.Compare that supply figure to the demand side of approximately 327,471 and weconclude the market is oversupplied by 90%. In other words, nearly half of all[Massachusetts] 2016 SRECs may find their way to the Solar Credit ClearinghouseAuction next year," SRECTrade said.

After rallying the week prior in New Jersey, solar RECprices were mixed during the week ended Sept. 29. New Jersey energy year 2016SRECs notched an index at $272.92/MWh, up $1.50 on the week, while energy year2017 SRECs came in at $258.75, down more than $2.

According to the most recent figures from the New JerseyOffice of Clean Energy, as of Aug. 31, a total of 1,871.9 MW of solar capacityis installed in the state, up 139.7 MW from the end of May.

Following recent weakness, New Jersey class I REC valuesticked higher to end September. Garden State vintage 2016 RECs were up 30 centsto an average at $10.51/MWh, New Jersey vintage 2017 class I RECs increased 63cents to an index at $11.23/MWh.

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SNL Energy is anoffering of S&P Global Market Intelligence. Market prices and includedindustry data are current as of the time of publication and are subject tochange. For more detailed market data, including power,naturalgas, and coalindex prices, as well as forwardsand futures,visit our Commodities Pages.