trending Market Intelligence /marketintelligence/en/news-insights/trending/Fvf-7kIOZbRiHpd4QBF-fQ2 content esgSubNav
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us
In This List

New Jersey solar REC prices extend recent softness

Q3: U.S. Solar and Wind Power by the Numbers

Path to Carbon-Free Power Generation by 2035

The Growing Importance of Data Centers for European & U.S. Renewable Projects

CAISO and ERCOT Power Forecasts by the Hour

New Jersey solar REC prices extend recent softness

Solarrenewable energy credit pricesin New Jersey faltered in value once again during the week ended July 15. Energyyear 2016 SRECs in the state posted an average at $272.50/MWh, down 25 cents weekover week. Garden State energy year 2017 SRECs notched an index for the week at$266.17/MWh, dropping more than $1.25.

was passed in New Jerseyin early June by the New Jersey Senate Committee on Environment and Energy thatwould adjust the state's solar target to hit 4.1% of power sales by 2021 insteadof 2028. S.B. 2276 shifts the solar targets earlier to align with the timing offederal investment tax incentives which, for residential solar projects, expirein 2022.

New Jerseyrequires a certain percentage of its power to come from renewable sources, includingsolar, with a 3% solar mandate in 2018, rising to about 3.5% in 2021. The bill wouldhike the mandates between 2018 and 2021 to about 3.3% in 2018 and 4.1% in 2021.

For theweek ended July 15, prices for New Jersey class I RECs extended higher. New Jerseyvintage 2016 class I RECs saw an index at $13.19/MWh, up 19 cents on the weeklyperiod. Vintage 2017 class I RECs in New Jersey came in at $13.74/MWh, increasing16 cents from the week prior.

MassachusettsSREC I prices worked higher on the week, with the vintage 2015 market assessed at$444.38/MWh, increasing almost $2 from the previous week. The Massachusetts vintage2016 SREC I market was quoted at an average of $438.33/MWh, climbing $3.33. MassachusettsSREC II prices for 2015 held at an index of $279.38/MWh, while the 2016 market wasassessed once again at a weekly average at $278.75/MWh.

The firstround of the 2016 Massachusetts Solar Credit Clearinghouse Auction will begin July29. The Massachusetts Department of Energy Resources, or DOER, will conduct auctionsfor both the SREC I and SREC II markets. According to the agency, 1,898 vintage2015 credits under Massachusetts SREC I and 66,440 vintage 2015 credits under MassachusettsSREC-11 will be offered for sale.

The Massachusettsclearinghouse auction is designed as a price support mechanism for the market inyears when more SRECs are produced than compliance buyers need to purchase. In Massachusetts,the SREC compliance obligation, the amount of SRECs suppliers are required to purchasein any given year, is determined by a formula that takes into account the amountof SRECs to be generated, SRECs banked from previous periods, and the number ofSRECs deposited and purchased in the clearinghouse auction.

SNL Image

CSAPR emissions marketsflat to lower

At theCross-State Air Pollution Rule NOx and SO2 emissions markets, price indicationswere flat to down during the week ended July 15.

CSAPR2016 annual NOx allowances were eyed again in a bid-and-offer spread of $5 to $30.CSAPR 2016 seasonal NOx allowances were discussed in a bid-and-ask range of $180to $240, down on the bid end from $190 previously.

SNL Image

SNL Image

Duringthe week ended July 15, CSAPR 2016 SO2 Group 1 allowances were discussed in a bid-and-offerrange of 50 cents to $3, dropping from $6 on the offer side the week prior. CSAPR2016 SO2 Group 2 allowances were unchanged in a bid-and-ask spread of $1 to $6.

SNL Image

SNL Energy is an offering of S&PGlobal Market Intelligence. Market prices and included industry data are currentas of the time of publication and are subject to change. For more detailed marketdata, including power,naturalgas, and coalindex prices, as well as forwardsand futures,visit our Commodities Pages.