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Massachusetts Solar Carve-out Proposed Rule Changes Released

Posted February 28th, 2013 by SRECTrade.

On 2/27/2013 the Massachusetts Department of Energy Resources (DOER) released proposed changes to the RPS Solar Carve-Out program. The change-tracked version of the proposed rules can be viewed here. Interested parties can submit comments to DOER.SREC@state.ma.us with the word COMMENTS in the subject line from March 1st until 5:00 PM on March 25th. A public hearing will be held on March 22nd in the Gardner Auditorium, Massachusetts State House in Boston from 1:00pm to 3:00pm.

The proposed changes to the rules fall into two general categories: 1) updates to the existing program and 2) changes to smooth the approach to the 400MW program cap. The following is a brief summary of the proposed changes:

  • Change to allow anyone to deposit an SREC in the Clearinghouse Auction, not just the original SREC owner.
  • Clarification that reminted SRECs coming out of a Clearinghouse Auction can’t be submitted to any future auctions.
  • Direction to the DOER to develop an assurance process that will allow proposed systems a spot under the 400MW limit as long as they follow certain steps. This will probably be very similar to the net metering process that was recently enacted.
  • Details were provided on the conditions necessary for a rebuilt system to qualify as new.
  • A change was made to the formula used to determine each year’s SREC requirement, removing the “SACP volume” portion of the formula.  In the original rule, the next years’ standard was adjusted by subtracting SACPs paid in the two years prior. The formula change would be retroactive to 2013, although there is protection for electric distribution companies with existing contracts. It also includes a novel mechanism by the DOER to purchase a like number of SRECs protected under this clause so that there will be no impact on total demand from the sheltering of existing contracts. Click here for a more comprehensive explanation of this formula adjustment. 
  • Some minor changes were made to the calculation used to determine annual SREC requirements after reaching 400MW using the existing base to determine the capacity factor rather than the calculated number used before. Also minor changes on what happens the last year of the program if SRECs are entered into the auction that year.
For more specific details on these changes and their impact on the MA SREC market, feel free to email or call us at SRECTrade.

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Webinar: Update for New Jersey Clients and Installer Partners

Posted February 22nd, 2013 by SRECTrade.

Last week our brokerage team ran a webinar covering the New Jersey SREC market. The webinar recording is available here. The webinar covered a relatively high level analysis of the New Jersey SREC market and was geared towards large commercial and institutional level clients.

We will present another webinar on Wednesday, 2/27/2013 at 3:30 pm EST designed for a general audience of existing and potential clients and installer partners. The webinar outlines some of the basic requirements for participating in the New Jersey SREC market, SRECTrade best practices and options for SRECTrade clients to sell their SRECs.

Register for the webinar here: https://srectrade.clickwebinar.com/New_Jersey_Client_Update/register

As always, the webinar will be recorded and posted online if you can’t attend the actual webinar.

Topics we will cover include:

  • Recent changes to the New Jersey SREC market including legislation adjusting the New Jersey RPS and new meter requirements
  • Why SRECs are currently pricing in the low $100s and why SREC prices are unlikely to significantly increase in value for the 2013 energy year
  • Why it makes sense to utilize the SRECTrade “Managed Sales” option
  • SREC aggregation management options

 

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Community Net Metering in DC?

Posted February 22nd, 2013 by SRECTrade.

Flag_map_of_Washington_DCOn January 8, 2013 B20-0057 , the “Community Renewable Energy Act of 2013” was introduced. The bill has 8 sponsors (Alexander, Barry, Bonds, Cheh, Graham, Grosso, McDuffie, and Wells), a majority of the 13-member DC Council. The “Community Renewable Energy Act of 2013” proposes to amend the “Retail Electric Competition and Consumer Protection Act of 1999” (which created net metering in Washington, DC) to allow rate payers  in DC to “subscribe” to electricity from solar power produced from registered “Community Energy Generating Facilities.” If passed, this bill would open up the solar electricity market in DC to the entire rate payer base (including renters and condo owners) and not just property owners.  Theoretically, legislation of this nature would also lower the investment risk of going solar in the District for “subscribers” and project developers by diversifying the required type and commitment of investors able to participate.

The bill must next progress to committee before it can be voted on by the general council. SRECTrade will track the progress of the legislation and provide updates as applicable. View the proposed bill here.

Some interesting clauses to note in the proposed bill:

– “Community Energy Generating Facilities” cannot be larger than 5 MW in capacity

– There can be as few as 2 subscribers to the power produced from eligible facilities

– Subscriptions cannot be for more than 120% of the subscriber’s 12 month electricity usage

– Subscriber accounts can only be adjusted once a month

– Utilities (Pepco) may be able to require all subscribers to be on the same billing cycle

– The owner(s) of the Community Energy Generating Facility owns the rights to SRECs produced from the power

– Power production will be tracked by a production meter installed by the Community Energy Generating Facility owner

– In months where subscribers receive credit for more power than they consume the excess power will be credited towards the next month’s electric bill

– Excess power credits at the end of the annual cycle (ends in April of each year) will be lost and reallocated to rate payers eligible for the District’s Low Income Housing Energy Assistance Program (LIHEAP)

– Requires adoption of the Interstate Renewable Energy Council (IREC) interconnection standards within 6 months of the bill’s passage.

– Most interestingly, the proposed bill requires that the District Department of Energy and the District Sustainable Energy Utility to develop a proposal within 6 months of the bill’s passage for an equitable and creative program for financing community net metering projects.

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Massachusetts Solar Carve-Out Rulemaking and Policy Development Update

Posted February 22nd, 2013 by SRECTrade.

The Massachusetts Department of Energy Resources (DOER) sent an email update today (2/22/2013) with clarifications on how the DOER intends to address the approach of the 400 MW cap to the existing Solar Carve-Out program as well as a timeline for establishing a solar policy beyond the existing 400 MW Solar Carve-Out.  Read the bulletin here. Currently the Massachusetts Solar Carve-Out program is limited to 400 MW of installed eligible solar capacity.

Highlights of the bulletin are:

Plans for the approach of the 400th MW

– DOER to submit a Public Notice on March 1, 2013 outlining a queuing system for SREC eligible projects as the Solar Carve-Out approaches the 400 MW cap

– Following public comment the DOER intends to firmly establish any queuing system for SREC eligible projects before the DOER Solar Credit Clearinghouse Auction in June

Plans for a solar program after the 400th MW

– DOER to present a post 400 MW policy proposal at a stakeholder meeting in March 2013 (date to be announced)

– A finalized post-400 MW policy will be adopted in April or May

SRECTrade will closely follow the development of these two DOER initiatives. Stay tuned to our blog for details as they emerge.

* Update, 2/27/2013: The DOER sent a follow up email today with a link to the proposed amendment for Solar Carve Out program. A public hearing will be held on March 22, 2013 at the Massachusetts State House in Boston in the Gardner Auditorium. The public comment period for written comments will run from March 1, 2013 to March, 25, 2013.

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The Q4 2012 SREC Market Monitor is Available! Learn actionable detail on the SREC Markets

Posted February 21st, 2013 by SRECTrade.

SREC Market MonitorIf you want to know the ins and outs of the SREC markets in simple, actionable language then subscribe to the SREC Market Monitor. This quarterly report covers all of the SREC markets in clear detail. The SREC Market Monitor is a joint partnership publication between SRECTrade and GTM Research.

 

 

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In a 2/20/2013 GTM blog post titled, “Oversupply Uncertainty for Massachusetts SREC Market in 2013,” GTM Research highlighted a portion of the analysis found in the Q4 2012 SREC Market Monitor.

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February 2013 SREC Auction Results

Posted February 21st, 2013 by SRECTrade.

SRECTrade’s February 2013 SREC Auction closed on 2/1/13. Below are the clearing prices by vintage across the markets covered in the auction.

February SREC Prices SREC Vintage Year
State 2011 2012 2013*
Delaware – – –
Maryland – $140.00 –
Massachusetts – $206.12 –
New Jersey – $95.00 $110.00
Ohio In-State – $40.00 –
Ohio Out-of-State – $9.00 –
Pennsylvania – – $10.00
Washington, DC $366.13 $370.00 –

Notes:
*Delaware, New Jersey and Pennsylvania operate on a June-May energy year. For example, current vintage SRECs are generated beginning in June of 2012.
Green text represents a price increase over the last auction clearing price for that vintage, red text represents a decrease.
“-” reflects no sale, which would result if there were no SRECs available for sale in that vintage or there were no matching bids and offers to determine a clearing price.

For detailed analysis of SREC market prices and trends please subscribe to the SREC Market Monitor, a joint publication of Greentech Media’s GTM Research and SRECTrade.

State Market Observations:

Delaware: No DE SRECs transacted in the February auction.  Most demand for DE SRECs will be through the DE SEU SREC Procurement Program solicitations. For the latest information on the upcoming 2013 solicitation click here: 2013 DE Program Announcement.

Maryland: MD2012 SRECs have consistently transacted at $140/SREC over the past 3 auction periods. As Q1 2013 comes to a close any compliance entities needing MD12 SRECs will be wrapping up their purchases. It is expected that the market will  experience a small amount of oversupply for the 2012 compliance period.

Massachusetts: MA2012 SRECs traded at $206.12/SREC. SREC issuance volumes in Q1-Q3 2012 and October – December 2012 MWhs reported to the MA CEC demonstrate that 2012’s requirements have been met. The next SREC issuance for Q4 2012 generation will fall on April 15, 2013. The 2012 market will be oversupplied by approximately 50% of this year’s compliance obligation.

New Jersey: NJ2012 and NJ2013 SRECs traded up to $95 and $110/SREC, respectively. The NJ Office of Clean Energy announced total installed capacity through January 2013 was estimated to be 973.4 MW, a monthly increase of approximately 17.4 MW. Monthly install rates continue to surpass RPS requirements.

Ohio: OH2012 Sited SRECs increased to $40/SREC and OH2012 Adjacent SRECs traded at $9/SREC. Both markets are oversupplied. Most demand for OH Sited SRECs has been fulfilled through long term agreements with large utility scale projects or through long term RFPs with the state’s regulated utilities. 2012 compliance obligations are currently being finalized.

Pennsylvania: PA2013 SRECs traded at $10/SREC, $2/SREC less than the January 2013 auction. SREC oversupply continues to impact PA’s market. 

Washington, DC: The 2010, 2011, and 2012 vintages increased to $330, $366.13, and $370/SREC, respectively. Increases in price may continue as the 2012 and 2013 markets are under supplied.

For historical auction pricing please see this link. The next SRECTrade auction closes on Thursday, February 28th at 5 p.m. ET and will cover PJM and MA Solar RECs. The next auction will be the first in which 2013 vintage SRECs will be available in Maryland, Ohio, and Washington, DC. Click here to sign in and place an order.

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Watch the February 15, 2013 NJ Market Update Webinar

Posted February 20th, 2013 by SRECTrade.

New Jersey Market Update Place HolderOn Friday, 2/15/2013, SRECTrade hosted a webinar covering the New Jersey SREC market. SRECTrade’s brokerage team presented an analysis of New Jersey installed solar capacity and current SREC pricing.

Click the image to watch the webinar.

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Reminder: NJ Brokerage Webinar Is Friday, 2/15/2013 at 3 pm ET

Posted February 14th, 2013 by SRECTrade.

SRECTrade’s brokerage team will cover NJ SREC market trends and capacity projections. The webinar is particularly geared for institutional and commercial scale market participants.  Register for the webinar by clicking this link: https://srectrade.clickwebinar.com/NJ_Market_Update/register

About the speakers

Brad mugBrad Bowery is the CEO of SRECTrade, a company he has managed since 2008. Under Brad’s stewardship SRECTrade provides SREC services for over 5,000 facilities and 70+ MW of aggregated solar capacity. Brad holds an MBA from the Stanford Graduate School of Business.

Steven - mugSteven Eisenberg is the Vice-President of Business Development. Steven has been with SRECTrade since 2010 and is responsible for starting and managing SRECTrade’s growing brokerage and institutional SREC asset management business units.

Alex mugAlex Sheets comes to SRECTrade from SunEdison. As SRECTrade’s Director of Environmental Markets, Alex assists buyers and sellers in originating, executing, and negotiating SREC transactions in the over the counter markets.

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Watch out! Tricky New Jersey SREC Rules Require Prompt Registration and Extend SREC Life to Five Years

Posted February 11th, 2013 by SRECTrade.

NJ Board of Public Utilities (BPU) recently provided clarification on two SREC program rulings.

New solar energy projects must apply for an SRP number within 10 business days after the execution of a construction contract or face 12 month SREC eligibility suspension.

A June 4, 2012  BPU ruling requires that the NJ Office of Clean Energy (OCE) receive a NJ solar facility’s SREC Registration Program (SRP) application within 10 business days after the execution of the contract for purchase or installation of photovoltaic panels.  The requirement is outlined on the NJ OCE webiste here.  All non-compliant solar facilities will face a 12-month suspension from the date of interconnection. During that period, any SRECs created in PJM-GATS for that facility will not be marked as eligible for compliance in the NJ SREC market. Following the 12-month penalty period, PJM-GATS will reinstate the state certification number for all of those SRECs so that they will be valid for compliance. All SRECs created after the initial 12 months will be generated normally, and be immediately eligible for compliance in the SREC program.

SRECs created from photovoltaic generation on or after July 23, 2012 are eligible for five years. SRECs created from photovoltaic generation prior to July 23, 2012 are elgible for three years. 

The second clarification concerned a section of S1925, which became law on July 23rd, 2012, and among other things, increased the useful lifetime of SRECs in NJ from 3 years to 5 years. A detailed analysis of S1925 can be found here. The legislation was unclear whether the extended life would affect all SRECs (including prior compliance years’ SRECs), and if not, whether June 2012 and July 2012 SRECs would be treated separately than other NJ 2013 SRECs since the law was changed mid-month. The law states that, “SRECs shall be eligible for use in renewable energy portfolio standards compliance in the energy year in which they are generated, and for the following four energy years.” Since pre-July 2012 SRECs are never mentioned in the law, there appears to be no justification for treating them differently. Nonetheless, the BPU has so far failed to officially address this issue in writing. Originally, BPU staff verbally stated that only SRECs awarded for July 2012 generation and forward were to be awarded the extended lifetime. SRECTrade believes that the BPU’s verbal statements reflect the likely outcome of an official ruling later.

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PV America East Solar Panel Video on RenewableEnergyWorld.com

Posted February 11th, 2013 by SRECTrade.

Last week in Philadelphia, SEIA and SEPA put on the PV America East solar conference. SRECTrade CEO Brad Bowery was featured on a panel with representatives from SunEdison, SolarCity and groSolar titled “Florida to Maine: Mastering Multi-State Solar Opportunities” covering the diverse set of challenges solar firms face entering the East Coast markets. Below is a video hosted by Renewable Energy World that followed up on some of the themes touched on during the 1.5 hour session.

 

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