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Cross-State Air Pollution Rule 2017 emissions price indications shift lower

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Essential Energy Insights - January 2021


Cross-State Air Pollution Rule 2017 emissions price indications shift lower

Price indications for 2017 Cross-State Air Pollution Rule emissions allowances shifted lower across the board to kick off the month of October.

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CSAPR seasonal nitrogen oxide emissions for 2017 saw a bid-and-ask range of $300 to $375 during the week ended Oct. 6, down slightly from a spread of $300 to $380 the week before.

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In May, CSAPR 2017 seasonal NOx price indications surged to top $700, as 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.

But 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 early September.

CSAPR 2018 seasonal NOx allowances were unchanged in a bid-and-ask range of $175 to $275 during the week under review.

CSAPR 2017 annual NOx allowances dropped to a bid-and-offer spread of $1.50 to $3, from a prior level of $2.00 to $4.00 at the end of September.

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During the week ended Oct. 6, CSAPR 2017 Group 1 sulfur dioxide allowances eased to a bid-and-ask range of 25 cents to $4, down from 50 cents to $5 previously. CSAPR 2017 Group 2 SO2 allowances were assessed in a bid-and-offer spread of 25 cents to $5, dropping back from a range of 50 cents to $6 in the prior week.

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NJ solar renewable energy credit prices kick off October mixed

New Jersey solar renewable energy credit prices chopped around to start the month of October. New Jersey energy year 2017 SRECs saw an average at $191.88/MWh, losing about $8.50 on the week. Energy year 2018 SRECs in the Garden State notched an index at $187.75/MWh, rising more than $4.25 week over week.

Despite an abundance of supply, New Jersey SREC prices had 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.

New Jersey class I REC prices saw more losses during the first week of October. Vintage 2017 class I RECs posted an index at $3.03/MWh, while vintage 2018 class I RECs saw an average of $3.24/MWh for the week, down 2 cents and 13 cents, respectively.

To the north in Massachusetts, class I prices for 2017 and 2018 leaked lower. Vintage 2017 class I RECs in the state posted an index at $13.00/MWh, falling more than $3 on the weekly period. Massachusetts vintage 2018 class I REC prices slipped more than $2.25 on the week to an average at $18.33/MWh.

In the Midwest, Ohio in-state solar REC prices for 2017 were steady again at an average of $3.25/MWh. During the week ended Oct. 6, Ohio-located REC values for 2017 were up 33 cents to a price at $2.45/MWh.

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Market prices and included industry data are current as of the time of publication and are subject to change. For more detailed market data, including power, natural gas and coal index prices, as well as forwards and futures, visit our Commodities pages.