Over-the-counter prices for U.S. renewable energy credits continued to see sideways trading action during the week ended Sept. 12.
Solar REC prices advanced in Ohio and Pennsylvania but lost ground in New Jersey following recent strength. New Jersey energy year 2019 SRECs were down more than $3.50 to an average of $235.00/MWh while energy year 2020 prices lost more than $4.50 in value to an index at $234.33/MWh due to waning interest from buyers.
Pennsylvania SREC prices ticked higher amid increased buying interest. Reporting year 2019 SRECs in the state were priced at an index of $34.17/MWh, increasing 34 cents from the week prior. Pennsylvania reporting year 2020 SRECs came in at $42.50/MWh, gaining more than $1 from the week before.
Ohio SREC markets were aimed higher for the first time in weeks as prices had stabilized following weakness earlier in the summer that was the result of the passage of legislation to do away with the state's solar carve-out beginning in 2020. During the week ended Sept. 12, Ohio 2019 in-state SRECs rose 19 cents to $7.13/MWh, while 2020 in-state SRECs advanced 13 cents to an average of $8.63/MWh.
The Ohio bill, signed into law by Gov. Mike DeWine at the end of July, would also lower and freeze the state's renewable energy mandate from 12.5% to 8.5% in 2026. Once the new law goes into effect, analysts said it is likely that available Ohio-generated SRECs could become eligible to be sold into the Pennsylvania Tier 1 REC and Ohio located REC market instead.
Ohio located 2019 and 2020 REC markets, meantime, also moved higher during the week ended Sept. 12, posting averages at $5.49/MWh and $5.83/MWh, respectively, up 6 cents and 17 cents on the week.
Pennsylvania tier 1 RECs ran mixed heading into the middle of September. Pennsylvania vintage 2019 tier 1 RECs posted an index at $6.83/MWh, up 4 cents, while vintage 2020 tier 1 RECs averaged $7.09/MWh during the week ended Sept. 12, down 3 cents week over week.
New Jersey class 1 prices advanced during the weekly period under review. Vintage 2019 class 1 REC prices were pegged at a weekly average at $6.88/MWh, and vintage 2020 class 1 RECs were assessed at $7.13/MWh, up 24 cents and 22 cents, respectively, from the week prior.

