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Md., NJ solar renewable energy credit prices slide to open new year

Over-the-counter prices for solar and nonsolar renewable energy credit prices were flat to lower at many major U.S. markets to kick off the new year.

During the week ended Jan. 2, Maryland reporting year 2020 SRECs were assessed at an index of $80.58/MWh, down 34 cents from the week before.

In recent months, Maryland SREC prices have rallied due to the passage of legislation to hike the state's renewable portfolio standard, which would increase demand. The bill sets a mandate of 50% renewable generation by 2030.

In the nearby New Jersey market, SREC prices leaked lower as well during the week ended Jan. 2. Garden State energy year 2020 SRECs were priced at $230.50/MWh, down $2 from previous assessments. Class I REC prices in the Garden State gained just 1 cent to an average of $9.57/MWh.

In early December 2019, the New Jersey Board of Public Utilities approved a new solar incentive program to serve as a bridge between an existing program and one that has not yet been developed.

This is a result of a 2018 law that, in addition to expanding New Jersey's RPS, called for the board to close the existing SREC program to new applications when 5.1% of the electricity sold in the state comes from solar, or by June 2021, whichever comes first.

The board established 15-year, fixed-price Transition Renewable Energy Certificates, which will be available to projects that were in the solar renewable energy certificate pipeline as of Oct. 29, 2018, but have not reached commercial operation at the time the board determines the 5.1% milestone has been reached.

In the Midwest, Ohio solar and nonsolar REC markets were firm on the weekly period. The 2019 Ohio located RECs were priced again at $7.69/MWh, while 2020 located RECs were steady at an average of $6.96/MWh during the review week.

Ohio in-state SRECs for 2019 held to an index at $8.50/MWh, while prices for 2020 remained at $7.38/MWh.

Ohio SREC prices plunged over the summer due to the passage of legislation to do away with the state's solar carve-out beginning in 2020. Previously, in early 2018, Ohio SREC prices had surged alongside a rally in the neighboring Pennsylvania market since certain solar projects in Ohio were still allowed to sell SRECs into Pennsylvania.

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