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Pa. solar renewable energy credits ease; NJ SRECs varied after recent climb

Editor's Note: Please be advised that S&P Global Market Intelligence will no longer publish weekly articles on price trends in the U.S. emissions markets beginning June 1, 2018. RECs pricing data will continue to be available on the Market Intelligence platform and can be found here.

Solar renewable energy credit markets in Pennsylvania eased during the week ended May 11. SRECs for reporting year 2018 were priced at an index of $14.50/MWh, while SRECs for reporting year 2019 in Pennsylvania posted an average of $17.42/MWh, down 33 cents and 8 cents, respectively, from the week before.

Pennsylvania SREC prices were down on the week after the Pennsylvania Public Utility Commission earlier this month issued a final order offering clarity on whether already-certified but out-of-state solar facilities would retain their certifications under the state's Alternative Energy Portfolio Standards.

At the end of 2017, Pennsylvania Gov. Tom Wolf signed into law a bill aimed at boosting the value of renewable energy credits from solar resources by tying the credits to solar sources located in the state. H.B. 118 allows only solar projects in the state to count toward its solar target and removes eligibility from out-of-state projects that interconnect to the same regional grid.

Previously, Pennsylvania allowed SRECs to be generated by a source anywhere within the PJM Interconnection region, which led to ample supply and sluggish prices.

The latest PUC order states that Pennsylvania-certified but out-of-state facilities would not be grandfathered with the SREC eligibility under the tier I solar requirement. The order also states that Pennsylvania-certified SRECs generated after Oct. 30, 2017, would be recertified to nonsolar RECs.

The order still enables out-of-state facilities already certified in the state and having contracts with a Pennsylvania utility, supplier, load serving entity, electric or municipal cooperative to maintain certification until those contracts expire. Additionally, out-of-state SRECs generated before Oct. 30, 2017, will retain their tier 1 solar attribute for their banking lifetime.

Following recent strength inspired by increasing buying interest, New Jersey solar markets chopped around during the week ended May 11. Garden State energy year 2018 SREC prices posted an index at $241.17/MWh, down 33 cents, while energy year 2019 SRECs were seen at $240.00/MWh, up 25 cents on the week.

New Jersey class I REC prices continued to advance during the review period. Vintage 2018 class I RECs were priced at $6.89/MWh, up 82 cents, with vintage 2019 class I values assessed at an average of $7.35/MWh, increasing 68 cents week over week.

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Market prices and included industry data are current as of the time of publication and are subject to change. For more detailed market data, including power, natural gas index prices, as well as forwards and futures, visit our Commodities pages.