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Pa. solar renewable energy credit prices rebound; DC prices extend gains

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Pa. solar renewable energy credit prices rebound; DC prices extend gains

Prices for renewable energy credits continued their whipsaw ways during the week ended March 14. Solar credit values in Washington, D.C., continued to advance as SREC prices in Pennsylvania staged a rebound.

Losing almost $9 in the prior week, Pennsylvania SREC prices for 2019 rebounded more than $4.50 during the middle of March to an average at $37.83/MWh. Pennsylvania reporting year 2020 SRECs were priced at $49.92/MWh, up 92 cents on the weekly period.

In January, prices for Pennsylvania SRECs surged about 200% due to interest sparked by a potential increase in demand amid worries of tighter supply. At the end of 2017, Pennsylvania Gov. Tom Wolf signed into law H.B. 118, which closed the border for solar projects, limiting new solar supply to in-state facilities. Also supportive for the price uptick, there is a potential increase in the solar requirements in Pennsylvania later this year.

Rising interest from the buy side continued to boost D.C. SREC prices after some lethargy in February. D.C. SRECs for 2019 were priced at $395.00/MWh, gaining $2.50 on the week. D.C. solar prices for 2020 were seen at $397.50/MWh, jumping $2.50 in value from the week before.

D.C. SREC values are swinging higher in the wake of the recent passage of legislation that hikes the District's renewable portfolio standard to 100% by 2032 and the solar carve-out to 10% by 2041. The bill also increases the life of a SREC from three years to five years and moves forward the solar requirement by two years.

In the liquid New Jersey market, SREC prices were slightly lower amid ample supply. Energy year 2019 SRECs posted an average at $228.67/MWh, down 7 cents week over week. New Jersey energy year 2020 SRECs, which had moved into parity with the 2019 vintage, also gained ground, ticking up 50 cents from the week prior.

In January, New Jersey SREC values advanced before the basic generation services auction, which allows New Jersey's four electric distribution companies to procure electricity supply to serve their basic generation services customers for three years.

As wholesale power providers find out their future obligation for electricity production, they also begin to hedge their forward exposure to the SREC obligation under the renewable portfolio standard, which often lifts SREC prices.

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