Class/tier I renewable energy credit markets in New Jersey, Pennsylvania and Maryland stumbled during the week ended Oct. 11 amid lackluster buying interest.
Meanwhile, New Jersey solar REC markets advanced during the period. Garden State energy year 2019 SRECs notched an average at $222.08/MWh, up 25 cents on the week. New Jersey energy year 2018 solar RECs came in at an index of $224.25/MWh, rising more than $4 week over week, as yearly compliance reports were due to the state at the start of October.
New Jersey SREC prices are garnering possible support from expectations for increased demand following the passage of legislation in the state that would hike renewable portfolio standard requirements. In May, New Jersey Gov. Phil Murphy, a Democrat, signed Assembly Bill 3723/Senate Bill 2314, which increases the state's RPS to 50% by 2030 and hikes the solar requirements to 5.1% by energy year 2021 while decreasing the solar alternative compliance payment.
After a recent uptick due to active buying interest, New Jersey class I markets eased during the week ended Oct. 11. New Jersey vintage 2018 class I RECs came in at an average of $6.10/MWh, down 11 cents. New Jersey vintage 2019 class I RECs dropped 8 cents in value to an index at $6.35/MWh,
In Pennsylvania, tier I REC values also worked lower, in step with the neighboring New Jersey market. Pennsylvania vintage 2018 tier I RECs were eyed at $5.89/MWh, while vintage 2019 tier I RECs were seen at an index of $6.34/MWh, down 14 cents and 5 cents, respectively, from the week prior.
Maryland tier I RECs also faltered, in line with the Pennsylvania and New Jersey markets. Maryland vintage 2018 tier I RECs declined 15 cents to an average at $5.88/MWh, while vintage 2019 tier I values were down 10 cents to an index at $6.17/MWh.
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