Archive for the ‘SREC Markets’ Category

Massachusetts DOER Clearinghouse Auction Update

Posted April 19th, 2013 by SRECTrade.

The Massachusetts SREC market is unique among SREC markets in that it is underlain by a price support mechanism called the DOER Solar Credit Clearinghouse Auction. The DOER Solar Credit Clearinghouse Auction is held no later than July 31st in years in which SRECs are deposited into the DOER auction account. The rules of the MA SREC market require that unsold SRECs be placed in the DOER auction account by June 15, 2013. SRECs placed in the DOER’s auction are sold at a set price of $285/SREC, after DOER administrative fees.

The DOER Solar Credit Clearinghouse Auction does not require buyers to participate and purchase SRECs for any volume, but a variety of compliance incentives encourage participation. For this reason, market participants view the price support attributes of the DOER auction with caution. There is no guarantee that SRECs placed in the DOER auction will be sold. After multiple rounds of the auction, if any unsold SRECs remain they are transferred back to the original owner. These unsold SRECs, now no longer eligible for future DOER auctions, are reissued with a new useful life in the following three compliance periods. For example, a 2012 SREC not sold in the July 2013 DOER auction will be reissued to the original owner with eligibility in 2013, 2014, and 2015. This reissued SREC must be transacted in one of these three compliance periods.

The MA SREC market is over-supplied for the first time in the short history of the MA solar program (the MA SREC market started in 2010). There are approximately 45,000 more MA2012 SRECs available than are required, all of which will likely be deposited in the DOER Solar Credit Clearinghouse Auction. All client’s utilizing SRECTrade’s EasyREC services will have any unsold MA2012 SRECs automatically transferred into the DOER auction account. Any sellers managing their own NEPOOL GIS account should know that their SRECs need to be manually transferred to the DOER auction account on or before June 15, 2013. For instructions on how to do so click here.

Tags: DOER Clearinghouse Auction, MA Solar Credit Clearinghouse, Solar Credit Clearinghouse
Posted in Massachusetts | Comments Off on Massachusetts DOER Clearinghouse Auction Update

Massachussetts DOER Auction 40 Quarter Opt-In Deadline Now July 15th

Posted April 18th, 2013 by SRECTrade.

The Massachusetts Department of Energy Resources (DOER) sent out a general letter on April 12, 2013 clarifying the deadline for submitting an application to guarantee the 10 year/40 Quarter DOER Auction Opt-In Term. The new deadline is July 15, 2013. SRECTrade had originally communicated that the deadline was June 20, 2013 based on previously provided DOER information. SRECTrade will be be able to process EasyREC applications for the 10-year Opt-In Term if submitted by July 1, 2013. The earlier an application is submitted, the easier it will be to ensure that applications are processed in a timely fashion. We encourage early submission of applications.

Successful acceptance into the 10 year/40 Quarter DOER Auction Opt-In term begins upon the statement of qualification date. For example, if a project is accepted in Q3 2013, but not interconnected until Q1 2014, the project will forego 2 quarters (i.e. Q3 and Q4 2013) of DOER auction eligibility.

What is required to submit an application that qualifies for the 10 year Opt-In Term?

Completed EasyREC application (without letter of interconnection)
Must be submitted to SRECTrade before July 1, 2013
Proof of applicable state and local permits is required for projects greater than or equal to 1 MW

Tags: DOER, Opt-In Term, SREC Opt-In Term
Posted in Massachusetts | Comments Off on Massachussetts DOER Auction 40 Quarter Opt-In Deadline Now July 15th

MD and DC SREC Market Webinar Posted

Posted March 28th, 2013 by SRECTrade.

On Thursday, 3/28/2013, SRECTrade recorded a webinar covering the MD and DC SREC markets. The webinar can be viewed by clicking the image below. A .pdf version of the slides is available here. For questions about selling or buying SRECs in the MD or DC SREC markets please contact us at 877-466-4606 or customerservice@srectrade.com.

Tags: DC SRECs, MD SRECs, SREC webinar, webinar
Posted in Maryland, Washington, DC, Webinars | Comments Off on MD and DC SREC Market Webinar Posted

2013 SRECDelaware Webinar Posted

Posted March 22nd, 2013 by SRECTrade.

SRECTrade 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.

Tags: 2013 SRECDelaware, SRECDelaware
Posted in Delaware, SREC Markets, Webinars | Comments Off on 2013 SRECDelaware Webinar Posted

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

Posted March 20th, 2013 by SRECTrade.

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

MD and DC SREC Market Webinar on Thursday, 3/28/2013 at 3 pm ET

Posted March 13th, 2013 by SRECTrade.

SRECTrade will host a webinar covering the Maryland and Washington, DC SREC markets on Thursday, 3/28 at 3 pm ET. As with previous state market focused webinars, SRECTrade will cover MD and DC specific market trends and capacity projections. Additionally, we will address options clients have for selling SRECs through SRECTrade.

Tags: Maryland SRECs, SREC webinar, Washington D.C. SRECs
Posted in Washington, DC, Webinars | Comments Off on MD and DC SREC Market Webinar on Thursday, 3/28/2013 at 3 pm ET

March 2013 SREC Auction Results

Posted March 12th, 2013 by SRECTrade.

SRECTrade’s March 2013 SREC Auction closed on 2/28/13. Below are the clearing prices by vintage across the markets covered in the auction.

March SREC Prices	SREC Vintage Year
State	2011	2012	2013*
Delaware	–	–	–
Maryland	–	$135.00	$128.00
Massachusetts	–	$220.00	–
New Jersey	$100.00	$105.56	$112.00
Ohio In-State	–	–	$40.00
Ohio Out-of-State	–	–	$5.99
Pennsylvania	–	–	$10.00
Washington, DC	–	$386.12	$381.12

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 March 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 and MD2013 SRECs transacted at $135/SREC and $128/SREC, respectively, in the March auction. While MD12s in the over the counter (OTC) market transacted higher in the middle of the month, demand subsided at the end of the month. Compliance obligations for 2012 are currently being finalized.

Massachusetts: MA2012 SRECs traded at $220/SREC. OTC transactions have trended at the same levels between $220 and $230/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. On 2/27/13, the DOER announced proposed rule changes.

New Jersey: NJ2012 and NJ2013 SRECs traded up to $105.56 and $112/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. Over the past few days OTC transactions have trended down to come inline with the March auction pricing. New Jersey’s regulated utilities will be hosting an auction for upwards of 60,000 NJ2013 SRECs on March 19. This auction will decrease demand and may result in continued downward pressure on SREC pricing.

Ohio: OH2013 Sited SRECs transacted at $40/SREC and OH2013 Adjacent SRECs traded at $5.99/SREC. There was no sale of the 2012 vintages indicating the lack of demand and oversupply in the market. 2013 is expected to continue to experience oversupply and minimal demand. 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, in line with the February 2013 auction. OTC transactions have been pricing slightly higher. SREC oversupply continues to impact PA’s market.

Washington, DC: The 2010 and 2012 vintages increased to $355 and $386.12/SREC, respectively. Additionally, DC2013 SRECs traded at $381.12. Compliance entities are currently finalizing obligations for 2012. It is expected the market will continue to experience under supply into the 2013 trading year.

For historical auction pricing please see this link. The next SRECTrade auction closes on Monday, April 1 at 5 p.m. ET and will cover PJM Solar RECs. The next MA Solar REC auction will close on Monday, April 15 after the Q4 2012 NEPOOL GIS issuance. Click here to sign in and place an order.

Tags: SREC Auction, SREC Prices, SRECs
Posted in SREC Markets | Comments Off on March 2013 SREC Auction Results

Delaware 2013 SREC Procurement Program Announced

Posted March 11th, 2013 by SRECTrade.

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

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

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.

Tags: DOER, Massachusetts Solar Carve-out
Posted in Massachusetts, State RPS | Comments Off on Massachusetts Solar Carve-out Proposed Rule Changes Released

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.

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

Tags: NJ SREC webinar, NJ SRECs, SRECs, SRECTrade application, webinar
Posted in New Jersey | Comments Off on Webinar: Update for New Jersey Clients and Installer Partners