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NJ, Md. solar, nonsolar renewable energy credit prices rise on buying interest

Renewable energy credit prices at the U.S. over-the-counter markets saw a mixed tenor during the week ended Jan. 16, with solar and nonsolar values in Maryland and New Jersey ramping higher again.

Buying interest continued to lift solar REC values in New Jersey in mid-January. New Jersey energy year 2020 SRECs saw an average at $232.25/MWh, rising more than $1.50 in value on the week.

New Jersey class I REC prices also climbed during the period under review. Vintage 2020 prices in the state posted an index at $9.81/MWh, increasing 3 cents week over week.

In the nearby Maryland market, tier I REC prices came in at an average price of $9.79/MWh, up 1 cent from the week prior.

In step with the neighboring New Jersey market, buying interest drove gains in the Maryland solar market. Reporting year 2020 SRECs in Maryland rose more than $6 from the prior week to post an index at $87.33/MWh.

Maryland SREC prices rallied in the summer of 2019 after legislation was passed to hike the state's renewable portfolio standard, which would increase demand. The bill sets a mandate of 50% renewable generation by 2030.

In Rhode Island, Gov. Gina Raimondo plans to sign an executive order to make her state the first in the U.S. to transition to 100% renewable energy by 2030. In March 2017, Raimondo announced a goal for the state to increase its renewable energy output tenfold by 2020, to 1,000 MW.

Rhode Island vintage 2019 "new" RECs were priced at $35.25/MWh, losing $4.50 on the week, while vintage 2020 "new" RECs in the state were assessed at an index of $37.83/MWh, tumbling $3.75 from prior assessments.

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