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Conn., Md., NJ renewable energy credit prices extend gains amid active buying

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Conn., Md., NJ renewable energy credit prices extend gains amid active buying

At the over-the-counter markets, renewable energy credits prices were again goosed higher in Connecticut, Maryland and New Jersey due to active buying interest during the week ended Oct. 10.

At the New Jersey market, energy year 2019 solar RECs were priced at $232.00/MWh, losing more than $1 following prior-week gains sparked by active buying ahead of the yearly compliance deadline. New Jersey energy year 2020 SRECs leaked lower as well, down more than 30 cents week over week to an average at $234.42/MWh.

Ongoing buying interest continued to boost New Jersey class I REC values during the review period. Vintage 2019 class I RECs in the Garden State saw an index at $7.08/MWh, increasing 12 cents. New Jersey vintage 2020 class I RECs averaged $7.32/MWh, rising 15 cents from a week earlier.

In step with New Jersey, Maryland REC markets worked higher heading into mid-October. Vintage 2019 tier I REC prices were up about 15 cents to $7.08/MWh, while vintage 2020 tier I RECs advanced 7 cents to an index of $7.20/MWh.

Farther north, Connecticut class I REC markets climbed several dollars amid active buying. Connecticut vintage 2019 class I RECs saw an index at $36.50/MWh, gaining more than $2.00 week over week, and vintage 2020 class I REC notched an average at $38.96/MWh, rising by about $2.20.

New Hampshire class I prices also swung higher during the week ended Oct. 10, in sympathy with the Connecticut markets. New Hampshire vintage 2019 class I RECs were assessed at $35.42/Mwh, increasing about $1.35 on the week. Vintage 2020 class I RECs in the state came in at $37.79/MWh, rising about $1.60 from the week before.

New Hampshire vintage 2019 class III RECs were again steady at $41.75/MWh, and vintage 2020 class III RECs were firm at $35.00/MWh.

New Hampshire class III REC prices appear to have stabilized after climbing sharply several months ago due to an uptick in demand requirements. Class III RECs in New Hampshire include existing biomass systems of 25 MW or less and methane gas, provided the generator began operation before Jan. 1, 2006.

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