Prices for renewable energy credits were higher across major U.S. markets during the week ended Dec. 13.
In New Jersey, following softness the week prior amid ample supply, energy year 2019 solar RECs ended the week at $222.00/MWh, compared to $220.88/MWh the week prior.
New Jersey's electric distribution companies, Atlantic City Electric Co., Jersey Central Power & Light Co. and Public Service Electric and Gas Co., held an auction Dec. 6, with 42,822 energy year 2019 SRECs selling at $219.00/MWh a piece, coming in slightly below current levels in the over-the-counter market.
Garden State class I RECs for 2019 notched an average at $6.06/MWh, compared to $6.00/MWh a week earlier.
In Massachusetts, vintage 2018 class I RECs were priced at $5.38/MWh, while vintage 2019 class I values ran at $13.11/MWh, compared to $4.79/MWh and $12.42/MWh, respectively, the week before.
The vintage 2019 market in Massachusetts continues to trade at a sharp premium to vintage 2018 due mostly to a technical spread, market sources said. "The front end of the curve has been pretty well supplied, and the clock is ticking faster for the [Massachusetts] 2018's than the 2019's," said one broker.
During the week under review, the Pennsylvania SREC markets were higher. Reporting year 2019 SRECs in the state were assessed at $13.25/MWh, from $12.94/MWh a week earlier.
To increase solar deployment in Pennsylvania, the state should consider requiring solar power to make up a bigger share of its energy mix, according to a recently released plan. The Pennsylvania Solar Future Plan offers more than a dozen strategies for the state to reach a target of 10% of electricity sales from in-state solar systems by 2030.
The 10% goal is a big jump from the alternative energy portfolio standard solar carve-out that requires solar photovoltaic power to form a minimum of 0.5% of power sales by 2021. In order to achieve this goal, the state would have to procure over 10 GW of solar capacity, bringing statewide installed capacity from 350 MW to 11 GW.
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