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2017 DE SREC Procurement Results

Posted July 14th, 2017 by SRECTrade.

On July 12, SRECDelaware announced the results of the Delaware 2017 SREC Procurement auction. Delaware’s SREC Procurement Program allows for facilities to secure 20-year SREC contracts with Delmarva Power through a competitive bidding process. Delmarva holds auctions every spring separately from the open-market SREC transactions that occur on an ongoing basis.

SREC contracts awarded through the procurement are allocated according to different capacity-based “tiers”. In previous years, the auction consisted of three tiers for new systems and two tiers for existing systems. This year’s SREC procurement introduced two new tiers, representing systems over 2 MW for new and existing systems, respectively.

In this year’s Spring Procurement, Delmarva Power purchased 20,000 SRECs at the following price levels:

de-auction-results-2017

Notes

1. The highest successful bid price at each respective tier.
2. The lowest successful bid price at each respective tier.
3. The weighted average bid price of all successful bids at each respective tier.

As a whole, the 2017 Procurement was oversubscribed, as an excess of bids were submitted to the auction due to oversupply of solar in the market. In effect, the overall weighted average bid price dropped to $21.26 from last year’s $66.56.

We expect oversupply to remain an issue in the DE SREC market and with it, suppressed SREC values in the DE open-market, pending a major policy change in the state. As always, our team will continue to work closely with Delmarva Power and policymakers to ensure our clients get the best value for their SRECs in the open market.

 

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Posted in Delaware | Comments Off on 2017 DE SREC Procurement Results

One time spot auction for DE SRECs

Posted May 14th, 2013 by SRECTrade.

A one time spot auction for existing Delaware SRECs will be held on the SRECDelaware platform from May 15th to May 22nd. The Spot Auction will allow owners of existing SRECs generated from June, 2009 until today to bid to sell their SRECs.

 

Summary

  • The auction will cover only existing, already generated SRECs.
  • Delmarva Power anticipates purchasing between 2,000 and 6,000 SRECs in this auction.
  • Bidders will place bids by creating an account at SRECDelaware.com or using their existing SRECDelaware.com account.
  • Bidding window is open from May 15th at 8:00 AM EST until May 22nd at 5:00 PM EST.
  • All bids will be evaluated on price only and winning bidders will receive their bid price.
  • Systems which won contracts in the SREC Procurement Program can still participate if they have excess SRECs not covered by their contract.

Spot Auction Details

Delmarva Power anticipates purchasing between 2,000 and 6,000 SRECs in this auction. Any existing SREC produced on or after June, 2009 are eligible. All bids will be evaluated solely on price with no additional credit provided for Delaware labor or equipment. All winning bidders will be paid based on their bid price. Winning bidders will have an 8% commission deducted from their final payment.  Bid prices will remain confidential prior to the auction close.

Bids can be entered at www.SRECDelaware.com from 8:00 AM on May 15th until May 22nd at 5:00 PM EST. Customers who previously bid in one of the Delaware Procurement Programs can use their existing SRECDelaware login to participate. New participants can create a free SRECDelaware account in order to place their bids. Each SREC can be bid at a separate price if desired.

All SRECs entered into the auction must be transferred to the SRECDelaware PJM-GATS account prior to May 22nd at 5:00 PM EST. Failure to transfer the SRECs prior to the auction close will invalidate the bid. All non-winning SRECs will be returned to the bidders PJM-GATS account after the auction close. Payments for winning SRECs will be deposited directly to the winning bidder’s bank account via ACH.

Owner representatives can enter bids for their clients. If they chose to do so, they must ensure the transfer of the SRECs bid to the SRECDelaware PJM-GATS account prior to the auction close.

Winners of the 2013 SREC Procurement Program are reminded that their contracts do not include any SRECs generated prior to June, 2013. These system owners are allowed to bid their existing SRECs in this Auction. Any winners of the 2012 SREC Procurement Program with existing SRECs in excess of their contract that they wish to enter into this auction should contact srecdelaware@srectrade.com to process their bid.

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2013 SRECDelaware Webinar Posted

Posted March 22nd, 2013 by SRECTrade.

SEU LogoSRECTrade hosted a webinar on Thursday, 3/21/2013 covering the 2013 SRECDelaware Program. The webinar reviewed the basic rules of the Program as well as the application process. The webinar recording can be viewed by clicking this link.

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2013 SRECDelaware Program Webinar, Thursday, 3/21/2013 at 3 pm

Posted March 20th, 2013 by SRECTrade.

SEU Logo

A webinar covering the 2013 Delaware SREC Procurement Program (SRECDelaware) will be held at 3 pm ET on Thursday, 3/21/2013. To register for the webinar please click here.

The webinar will be recorded and posted on www.srecdelaware.com for reference.

The 2013 Delaware SREC Procurement Program will begin to accept new applications starting March 25, 2013. The application window will close on April 12, 2013 and results will be announced on April 20, 2013.

Key facts about the 2013 SREC Procurement Program:

    • All applications are bid based. Contracts are awarded to the lowest bidders.
    • SRECs produced on or after June 2013 are eligible.
    • Contracts are awarded within tiers which are outlined below:
New Systems – final interconnection on or after April 2nd, 2012
Tier Nameplate Rating – (DC at STC)  SRECs in Tier
N-1 Less than or equal to 30 kW 1,200
N-2 Greater than 30 kW but less than or equal to 200 kW 1,400
N-3 Greater than 200 kW but less than or equal to 2 MW 1,400
Existing Systems – final interconnection before April 2nd, 2012
Tier Nameplate Rating – (DC at STC)  SRECs in Tier
E-1 Less than or equal to 30 kW 1,500
E-2 Greater than 30 kW but less than or equal to 2 MW 1,500

Posted in Delaware, Webinars | Comments Off on 2013 SRECDelaware Program Webinar, Thursday, 3/21/2013 at 3 pm

Delaware 2013 SREC Procurement Program Announced

Posted March 11th, 2013 by SRECTrade.

SEU Logo

 FOR IMMEDIATE RELEASE

DELAWARE’S SUSTAINABLE ENERGY UTILITY TO OFFER 2ND ANNUAL SOLAR RENEWABLE ENERGY CREDIT AUCTION

SRECTRADE SELECTED TO MANAGE SECOND SOLAR CREDIT AUCTION

2013 SREC Procurement Auction News Release

Wilmington, DE, March 8, 2013 –The Delaware Sustainable Energy Utility (SEU), announced today the dates for the commencement of its 2nd Solar Renewable Energy Credit Procurement auction. The application process will commence on March 25th and accept applications through April 12th. The procurement program creates a market in Delaware for the buying and selling of Solar Renewable Energy Credits (SRECs). SRECs allow generators of renewable energy to sell credits to Delmarva Power for its compliance with state standards for renewable energy development. These credits can accrue automatically to solar panel owners and often can be traded and sold like stocks on the stock market.

This second procurement auction follows last year’s successful pilot program. The program is designed to bring price stability through 20-year SREC contracts offered by the SEU in a manner that helps to drive down long-term energy costs for everyone. The procurement program for 2013 is being improved based on an evaluation and recommendations by the Delaware Renewable Energy Task Force which made recommendations to the Public Service Commission as part of Delmarva Power’s petition to enter into an agreement with the SEU to offer the auction. On January 22, 2013, the Public Service Commission approved moving forward with the second auction. One important change approved by the Public Service Commission is an expansion of the program to enable owners of solar systems installed prior to December 30, 2010 to participate.

Senator Harris B. McDowell III, Chairman of the SEU stated, “Building on our very successful Solar Pilot Program in 2012 where 9800 SREC’s were procured and 91 new solar projects were incented this second auction is the latest step taken by the SEU to create jobs and promote renewable energy. The SEU is fulfilling its role as the one-stop shop for clean energy needs of all our citizens and businesses. The SREC Market will assure continued job creation in Delaware while cost-effectively increasing energy security, reducing our carbon footprint, and lowering the state’s pollution.” The Senator continued, “The unique capabilities of the SEU make the new solar auction possible. It can independently and transparently provide a statewide platform for buying and selling SRECs at the lowest price, and greatly reduce the long-term social, economic and environmental risks that future generations would otherwise face.”

SRECTrade, Inc. was selected by competitive bid to act as Procurement Agent for the program in 2012 and again for 2013. Mr. Kevin Quilliam, President of SRECTrade said, “SRECTrade started the first public, transparent market place for Delaware SRECs in 2009, and we look forward to continuing to support the evolution of the Delaware marketplace as the SREC Procurement Program is implemented. SRECTrade will use its leading SREC management platform and apply its market expertise in the execution of the program.”

The auction will be hosted at www.SRECDelaware.com and all program information regarding the procurement will be posted on the site. SRECTrade will use its leading SREC management platform and apply its market expertise in the execution of the program. All information regarding the procurement will be available at www.SRECDelaware.com and like the Pilot Procurement; all bids will be entered online at this site. The 2013 procurement auction will consist of five tiers, three for new systems and two for existing systems. All Tiers will be competitively bid. Each winning bid will enter into a contract for a term of 20 years. For the first 7 years, the SREC price will be the accepted bid price. For the remaining 13 years, the SREC price will be fixed at $50 per SREC. There will be no requirement for an owner representative in this solicitation, although owners can opt to use the services of an owner representative. The Solar Renewable Energy Credit price used in any return on investment calculations is not guaranteed. Winning any solicitation or auction is not guaranteed. The SREC price may vary.

For SEU Contact: Tony DePrima (302) 883-3038
For SRECTrade Contact: Kevin Quilliam (877) 466-4606

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Posted in Delaware, Grants and Rebates | Comments Off on Delaware 2013 SREC Procurement Program Announced

Delaware SREC Program Results Announced

Posted April 18th, 2012 by SRECTrade.

On Wednesday, April 18th, SRECTrade announced Tier 1 and 2a results for the Delaware Pilot Procurement Program. The results can be found here on the Program site. Results for Tier 2b and 3 (systems between 250 and 2,000 kW) are not yet finalized.

For Tier 1 and 2a, during the random selection process, applications that represented PV systems with both Delaware parts and labor were automatically sorted above applications with just Delaware parts or just labor. Applications that did not qualify for either Delaware parts or labor were sorted last.

A fixed amount of SRECs were required to be purchased within each Tier.  For example, Tier 1 required 2,972 SRECs per year. After sorting the systems, their cumulative SREC production was calculated. Applications were accepted down the sorted list until the 2,972nd SREC requirement was met. All other systems were not accepted into the Program. Overall the Pilot solicitation attracted the equivalent of 6,610 SRECs from Tier 1 qualified systems. As such, there were enough systems with Delaware parts and labor alone to meet the 2,972 SREC requirement for the Tier 1 solicitation.

The Delaware Pilot SREC Procurement Program is a partnership between Delmarva, the largest retail utility in Delaware and the Delaware Sustainable Energy Utility. The Program is designed to source all of Delmarva’s SRECs while guaranteeing eligible PV system owners a 20-year fixed price contracts for their SRECs.

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Delaware SREC Pilot Program Closes for Tiers 1 and 2a, Still Open for Tiers 2b and 3

Posted April 6th, 2012 by SRECTrade.

The Delaware SREC Pilot Procurement Program reached a milestone today. The solicitation period (window for submitting applications) closed today at 5 pm Eastern Standard Time for Tier 1 and 2 photovoltaic systems (PV systems <250 kW DC). SRECTrade is contracted by the Delaware SEU to run the Pilot Procurement solicitation. Successful applicants will be guaranteed 20-year contracts for their SRECs, but not all applicants will be successful because of capacity limitations set in place by the state. The application rules and contract values vary depending on system size. The application form and guidelines are provided on the SRECDelaware website.

Tiers 2B and 3 are still open until 5:00 EST on Friday, April 13th.  Any facilities that did not bid in Tier 1 or 2A may still bid in Tier 2B regardless of size, however they have to meet the requirements of a Tier 2B system and must submit a bid price.  Any system that bid in Tier 1 or 2A may not bid in Tier 2B and any systems that do so will have both bids disqualified.

All applications for Tier 1 and 2A must have been received by 5:00 pm Eastern Standard Time on Friday and all bid deposits must have been initiated prior to that time.  SRECTrade will continue to update the status of individual applications status as bid deposits are received on Monday. We will contact any facilities requiring minor corrections during the week of April 9-13.

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Posted in Delaware, SREC Markets | 1 Comment »

Delaware Pilot SREC Procurement Program

Posted March 30th, 2012 by SRECTrade.

SRECTrade was recently awarded the contract to administer the Delaware Pilot SREC Procurement Program on behalf of the Delaware Sustainable Energy Utility (SEU) and Delmarva Power. Since receiving the contract we’ve put up a website to answer questions about the program and to accept applications for the solicitation. An overview powerpoint and webinar recording can be viewed by clicking here.

This is the first essentially state-wide SREC program to take such a long-term approach to SREC contracts. Regulators and industry observers are eager to see how this “pilot” solicitation is reviewed. Should the “pilot” be deemed successful it is likely that the SEU will hold yearly solicitations for SREC contracts.

With the Pilot SREC Procurement Program, the  SEU and Delmarva have formed a partnership to provide stable, long-term pricing (20-year contracts) for a finite amount of SRECs from systems that are accepted into the program. Among the eligible systems for the program, preferential selection and pricing  is given to systems installed with Delaware parts and/or labor. Systems under 250 kW (DC) nameplate capacity apply into a lottery solicitation, whereas systems that are greater than 250 kW (DC) must apply through a competitive bid process.  The solicitation will likely be over-subscribed with applications from among the many eligible, in-state systems. Solar systems that are not successful in the solicitation will still be able to transact SRECs outside of the Delmarva program, and could remain eligible for future solicitations or this program.

Key items

  • DE-sited solar systems interconnected on or after 12/1/2010 are eligible.
  • Systems must have online monitoring.
  • Systems that received funding from a public source other than the Federal Investment Tax Credit and DE Green Energy Program are ineligible.
  • 4/2/2012 – Solicitation opens.
  • 4/6/2012 – Solicitation will stay open at least until this date for systems <250 kW (DC) capacity, but could stay open if not all capacity is filled.
  • 4/13/2012- Solicitation closes for systems >250 kW (DC).
  • 4/23/2012 – Results announced.

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    Posted in Delaware, SREC Markets, State RPS | Comments Off on Delaware Pilot SREC Procurement Program

    Delaware PSC Approves SREC Procurement Pilot Program

    Posted November 15th, 2011 by SRECTrade.

    The Delaware Public Service Commission approved the SREC Procurement Pilot Program on November 8th, 2011. This program will allow qualified solar energy system owners to sell their SRECs at a fixed price for the next 20 years.

    The program will only be open to certain DE solar owners, for example, eligible facility owners must have received approval of their “Accepted Completed Solar System Interconnection Application” on or after December 1st 2010. Another requirement stipulates that the facility must not have received supplemental funding from a public source other than grants associated with the Delaware Green Energy Program “GEP”.

    The number of SRECs to be procured is tiered according to the system size from which they are obtained. They will also be priced accordingly. Based on the requirements for June 2011 through May 2012, the numbers and price are

    Tier Size (kW) Number of SRECs Percentage of Total SRECs Price, 1st 10 years Price, next 10 years
    1 <50 2972 13.4% $260 base, $235 alt+ $50
    2a 50 – 250 2,000 9.1% $240 base, $175 alt+ $50
    2b 250 – 500 2,000 9.1% Lowest Bid Price* $50
    3 500 – 2,000 4,500 20.4% Lowest Bid Price* $50
    4 >2,000 10,600 48% Lowest Bid Price* $50
    +Alternative pricing for projects that received a GEP grant before December 10 2010.
    * Prices for tiers 2b, 3 and 4 will be decided by competitive bidding amongst the applicants.

    In the event of oversubscription for facilities in Tier 1 and 2A, systems will be eliminated via lottery, starting with systems enrolled in the equipment or workforce bonus program.

    Payments will be made quarterly for Tier 1 and monthly for Tiers 2 and 3. The energy production must be measured by at least a standard, utility grade meter and online monitoring for Tier 1 systems, and a revenue grade meter with online monitoring for Tiers 2 and 3.

    Facilities are obliged to deliver the number of SRECs as estimated for their system size when they apply. The Sustainable Energy Utility is obliged to purchase up to 110% of the estimated SRECs, but may choose not to purchase any additional surplus SRECs.

    This program will likely commence this winter or spring, and SRECTrade will be supporting this program for all of our installers and their customers. Look out for a future email regarding the SREC Pilot Program.

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    Posted in Delaware, SREC Markets, SREC Pricing | 2 Comments »

    DC Closes Borders to Out-of-State Solar Systems

    Posted July 12th, 2011 by SRECTrade.

    The Council of the District of Columbia unanimously voted, today July 12th, to close the DC SREC market to out-of-state systems. The Distributed Generation Amendment Act of 2011 (Bill 19-10) increases the SREC requirement in 2011 as well as establishes an SACP schedule through 2023.  Once in effect, the bill will allow out-of-state systems registered prior to 1/31/2011 to continue to sell SRECs in the DC market. The DC Public Services Commission has not provided clarification on how the bill will affect out of state systems that have already granted DC registrations after the January 31st 2011 grandfather date. For more information on the bill please refer to our previous blog postings here and here.

    The bill is not yet law. It first must go through a 30-day Congressional Review process before it can go in to effect. Given these mechanistic delays we don’t expect the bill to go in to effect for at least another month.

    The following chart illustrates which out-of-state systems will be effected by the legislation.

    State Eligible Markets (after B19-10 is effective)
    DE DE, PA
    IN OH; PA (if in American Electric Power territory)
    IL PA (if in Com Ed territory)
    KY OH; PA (if in American Electric Power territory)
    MD MD; PA
    MI OH; PA (if in American Electric Power territory)
    NC NC; PA (if in Dominion Electric Territory)
    NJ NJ, PA
    NY –
    OH OH; PA
    PA PA; OH
    TN PA (if in American Electric Power territory)
    VA PA
    WV OH; PA
    WI –

    Posted in Delaware, Illinois, Indiana, Kentucky, Maryland, Michigan, New Jersey, New York, North Carolina, Ohio, Pennsylvania, SREC Markets, State RPS, Tennessee, Virginia, Washington, DC, West Virginia, Wisconsin | 2 Comments »

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