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US renewable credit prices run higher at major markets amid increased buying

Over-the-counter prices for renewable energy credits at many of the largest markets around the country saw gains during the first week of October on the back of renewed buying.

In New Jersey, energy year 2019 solar RECs reversed course after three weeks of losses, coming in at an average of $233.17/MWh, rising about $1.60 in value as the yearly compliance deadline approaches. New Jersey energy year 2020 SREC values continued to climb due to ongoing buying as well, priced at $234.75/MWh during the week ended Oct. 3, up almost $1.50 from the week prior.

Buy-side interest also worked to lift New Jersey class 1 REC markets during the latest review period. New Jersey vintage 2019 class 1 RECs averaged $6.96/MWh, up 4 cents, while vintage 2020 class 1 RECs were indexed at $7.17/MWh, increasing 6 cents from the week before.

Following the lead of the New Jersey market, Maryland vintage 2019 tier I REC prices posted an index at $6.94/MWh, up 6 cents, as the vintage 2020 tier I market notched an average at $7.13/MWh, rising 3 cents from the last week in September.

Connecticut class I REC prices also shifted higher during the opening week of October. Connecticut vintage 2019 class I REC prices rose 30 cents to an average of $34.38/MWh. Connecticut vintage 2020 class I REC values climbed more than $1.15 week over week to $36.75/MWh.

In step with the Connecticut market, class I and III REC prices in New Hampshire were steady to higher. New Hampshire vintage 2019 class I RECs were up 58 cents to $34.08/MWh, as vintage 2020 class I RECs tacked on more than $1.10 from the week prior to an average of $36.17/MWh.

New Hampshire vintage 2019 class III RECs were firm at $41.75/MWh, while vintage 2020 class III RECs were assessed flat on the week at $35.00/MWh.

New Hampshire class III REC prices appear to have stabilized after climbing sharply several months ago due to an uptick in demand requirements. Class III RECs in New Hampshire include existing biomass systems of 25 MW or less and methane gas, provided the generator began operation before Jan. 1, 2006.

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