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Archive for July, 2019

MA 2018 Solar Credit Clearinghouse Auction Result Announcement

Posted July 26th, 2019 by SRECTrade.

On Thursday, July 25th, the Massachusetts Department of Energy Resources (DOER) announced that all of the MA2018 SREC Is and SREC IIs submitted to the auction account were transacted in the first round of the Solar Credit Clearinghouse Auction (SCCA).

A total volume of 9,780 SREC Is were bid on across 21 unique bidders, creating more than sufficient demand to clear the available auction volume of 632 SREC Is.

A total volume of 63,388 SREC IIs were bid on across 21 unique bidders, creating more than sufficient demand to clear the available auction volume of 4,626 SREC IIs.

DOER and EnelX are in the process of certifying and finalizing the auction results. More information will be made available on the SCCA webpage in the coming weeks.

If SRECTrade submitted SRECs to the SCCA on your behalf, we will provide further notice on the status of your transaction once the DOER and EnelX provide us with finalized auction results.

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Posted in Massachusetts, SREC Markets | Comments Off on MA 2018 Solar Credit Clearinghouse Auction Result Announcement

Ohio Governor Signs Nuclear Bailout Bill Into Law; RPS Gutted

Posted July 23rd, 2019 by SRECTrade.

On July 23rd, the Ohio House of Representatives approved legislation (HB 6) to subsidize two ailing nuclear power plants owned by bankrupt FirstEnergy Solutions and eliminate the state’s Renewable Portfolio Standard (RPS) at 8.5% in 2026. Governor Mike DeWine signed the bill into law shortly thereafter.

The Bill provides an average of $150 million per year in funding to the two nuclear plants from April 2021 through the end of 2026. In addition, the Bill will deliver $50 million per year in funding to two large, coal-fired power plants owned by Ohio Valley Electric Corp., through additional rate-payer charges.

With regards to the state’s RPS, the Bill lowers the renewable energy target from 12.5% to 8.5% by 2026, and eliminates the solar-carve out all-together from 2020 onward. As such, solar assets currently registered in the OH SREC market will no longer produce OH SRECs after 2019. Please feel free to reach out to the SRECTrade team for more information regarding this transition and impact on your eligibility.

Posted in Environmental Policy, Ohio, SREC Markets | Comments Off on Ohio Governor Signs Nuclear Bailout Bill Into Law; RPS Gutted

Ohio State Senate Passes Amended Nuclear Subsidy Bill, Freezing the State’s RPS by 2026

Posted July 18th, 2019 by SRECTrade.

On July 17th, the Ohio State Senate passed an amended version of House Bill 6, which provides subsidies for two nuclear plants owned by bankrupt FirstEnergy Solutions, coal plants, and utility-scale solar. Just as notably, the bill calls for a permanent freeze of the state’s Renewable Portfolio Standard (RPS) at 8.5% by 2026, a damaging blow to the state’s renewable energy sector. The Bill would also completely eliminate the state’s solar carve out beginning in 2020, gutting a key incentive mechanism for distributed generation solar in the state. Although it is still unclear, ohio-sited solar assets previously participating in the Ohio Solar Renewable Energy Credit (SREC) program, would likely be eligible for the Pennsylvania Tier I REC and Ohio REC market, should the Bill go into law.

After the Ohio House passed a version of House Bill 6 on May 29th, the Bill moved to the Senate where it was met with controversy by lawmakers and stakeholders alike. After a number of amendments to the Bill, including the removal of a provision that would have stunted wind development, it passed on Wednesday morning on the Senate floor. It now goes to the Ohio House for a concurrence vote, where it is expected to be taken up on August 1st.

Posted in Ohio, SREC Markets | Comments Off on Ohio State Senate Passes Amended Nuclear Subsidy Bill, Freezing the State’s RPS by 2026

Massachusetts DOER Announces SREC I and SREC II Auction Totals and Preliminary 2020 Minimum Standards

Posted July 15th, 2019 by SRECTrade.

On July 15, 2019, the Massachusetts Department of Energy Resources (DOER) announced final SRECs available for auction in this year’s Annual Solar Credit Clearinghouse Auction (SCCA) I and II, as well as the preliminary 2020 Minimum Standards for the SREC I and II programs.

The DOER confirmed that 632 certificates have been deposited for the SREC I auction, and 4,626 certificates have been deposited for the SREC II auction.

The DOER estimates a 2020 SREC I Minimum Standard of 1.6449% (764,036 MWh) for load executed under contract on or after June 28, 2013. This Minimum Standard applies regardless of which round the auction clears. Load served under contracts executed prior to June 28, 2013 will follow a Minimum Standard of 1.0071%.

The DOER estimates a 2020 SREC II Minimum Standard of 2.2485% (1,044,390 MWh) for load served under contracts executed between April 25, 2014 and May 8, 2016, and 3.8088% (1,769,130 MWh) for load served under contracts executed on or after May 8, 2016. This will only apply if the auction clears in the first two rounds. If the auction clears in the third round, the Minimum Standard will be 2.2585% for load served under contracts executed between April 25, 2014 and May 8, 2016 and 3.8188% for load served under contracts executed on or after May 8, 2016.

Details regarding this announcement can be found here. SRECTrade will be assessing the implications of this adjustment and releasing a full market update shortly.

Posted in Massachusetts, SREC Markets | Comments Off on Massachusetts DOER Announces SREC I and SREC II Auction Totals and Preliminary 2020 Minimum Standards

California LCFS Pricing Update: Pricing Ticks Back Up

Posted July 11th, 2019 by SRECTrade.

As per data released by the California Air Resources Board (CARB) on July 9th, the California Low Carbon Fuel Standard (LCFS) market saw a slight uptick in pricing this past week, increasing to a weighted average weekly price of $191.67. This is up $1.06 from last week’s average price of $190.61. The market saw a slight decrease in volume this past week with 319,948 credits transferred, down from last week’s volume of 401,628, but up from the last twelve month (LTM) weekly average of 243,170. Credit transfers continue to be high likely due to Q1 credit issuance and associated transfers.

Please click on the pricing chart below for a visualization of LTM trends.

Source: California Air Resources Board (CARB)

Posted in Low Carbon Fuel Standard | Comments Off on California LCFS Pricing Update: Pricing Ticks Back Up

California LCFS Pricing Update: Bull Run Cools; Prices Remain above $190

Posted July 2nd, 2019 by SRECTrade.

As per data released by the California Air Resources Board (CARB) on July 2nd, the California Low Carbon Fuel Standard (LCFS) market saw a slight drop in pricing this past week, decreasing to a weighted average weekly price of $190.61. This is down $1.26 from last week’s average price of $191.87 and the first week we have seen a price decrease since early May. The market saw a significant increase in volume this past week with 401,628 credits transferred, up from last week’s volume of 39,827 and the last twelve month (LTM) weekly average of 239,704. This is likely due to Q1 credit issuance and associated transfers.

Please click on the pricing chart below for a visualization of LTM trends.

Source California Air Resources Board (CARB)

Posted in Low Carbon Fuel Standard | Comments Off on California LCFS Pricing Update: Bull Run Cools; Prices Remain above $190

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