Renewable energy credit prices at many New England markets continued to work lower in value during the second week of March.
With the close of the 2017 compliance year approaching, class I REC prices in several New England states have been losing ground during the last few weeks against a backdrop of ample supply.
In addition, in the New England markets, compliance RECs can only be banked by entities with renewable portfolio standard, or RPS, obligations. Thus, credits held by speculators beyond the current compliance window are considered valueless, markets sources indicate.
Weekly price losses were again sharpest in Connecticut, where class I RECs for 2017 saw an index at $6.38/MWh, down 37 cents on the week. Connecticut class I REC prices for 2018 were pegged at $17.00/MWh, losing 94 cents week over week.
Massachusetts vintage 2017 class I REC prices posted an average at $6.50/MWh, unchanged, while vintage 2018 class I RECs saw an index at $17.08/MWh, down 46 cents during the week ended March 9.
In the mid-Atlantic, solar REC markets in New Jersey held firm during the second week of March. New Jersey energy year 2018 SRECs were priced again at an index at $221.83/MWh, while energy year 2019 SRECs were flat at $222.67/MWh.
New Jersey class I REC prices climbed in value following softness during the first week of March. Garden State vintage 2018 class I RECs saw an average at $5.59/MWh while vintage 2019 class I RECs posted an index at $5.93/MWh, up 12 cents and 10 cents, respectively, week over week.
Pennsylvania class I REC prices also swung higher. Class I prices for 2018 came in at a weekly average at $5.54/MWh, increasing 9 cents, while class I prices for 2019 notched an index at $5.81/MWh, rising 15 cents.
Maryland tier I REC prices for 2018 saw an index at $5.42/MWh, up 4 cents on the weekly period. Maryland 2019 tier I REC prices rose 15 cents to a weekly average at $5.72/MWh.

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