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New Jersey Installed Capacity Update

Posted September 14th, 2011 by SRECTrade.

The New Jersey Office of Clean Energy (NJ OCE) recently released installed solar capacity figures as of July 31, 2011. After the first two months into Energy Year (EY) 2012, the state has averaged a rate just over 30 MW/month, bringing the total installed capacity to nearly 400 MW, up from 339.6 MW at the end of EY2011. These figures exceed the estimated average capacity required to meet the state’s 2012 target of approximately 370 MW.

The rapid growth in capacity corresponds with a sharp decline in prices for 2012 spot trading, with the September auction clearing at $166.79. The estimated average installed capacity needed to meet the EY2013 requirements is 500 MW. To reach this target by the beginning of EY2013, the state would only have to install an additional 100 MW, or an average of 10 MW/month for the remainder of EY2012.

The surge in installed capacity is partially due to the anticipated expiration of the federal 1603 grant, an upfront cash payment for commercial projects of up to 30% of system costs, at the end of the calendar year. As more projects aim to take advantage of the grant before it expires, the total installed capacity will continue to approach the EY2013 target.

Upon their return from recess, state legislators will consider an amendment to the RPS to pull 2014 and future year requirements forward one year in attempt to prevent a prolonged oversupply in the SREC market. The chart below demonstrates monthly installed capacity and corresponding increases since December 2010.

NJ Installs 7_31_11

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Posted in New Jersey, SREC Markets | 1 Comment »

Solar Capacity in the SREC States – February 2011

Posted March 2nd, 2011 by SRECTrade.

SRECTrade SREC Markets Report: February 2011

The following post outlines the megawatts of solar capacity certified and/or registered to create SRECs in the SREC markets SRECTrade currently serves.

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PJM Eligible Systems

As of the end of February, there were 12,995 solar PV (12,747) and solar thermal (248) systems registered and eligible to create SRECs in the PJM Generation Attribute Tracking System registry. Of these eligible systems, 43 (0.33%) have a nameplate capacity of 1 megawatt or greater, of which only 3 systems are greater than 5 MW. The largest system, currently located in Ohio, is 12 MW,  and the second largest, located in Chicago and eligible for the PA, DC, and MD markets, is 10 MW. The third largest system, located in NJ, is 5.6 MW.

Massachusetts DOER Qualified Projects

As of February 18, 2011, there were 220 MA DOER qualified solar projects; 204 operational and 16 not operational. Of these qualified systems, 10 (4.5%) have a nameplate capacity of 1 megawatt or greater, of which only 3 are between 1.5 and 2 MW. Only one of the projects greater than 1 MW is currently operational.

Capacity Summary By State

The tables above demonstrate the capacity breakout by state. Note, that for all PJM GATS registered projects, each state includes all projects certified to sell into that state. State RPS programs that allow for systems sited in other states to participate have been broken up by systems sited in state and out of state. Additional detail has been provided to demonstrate the total capacity of systems only certified for one specific state market versus being certified for multiple state markets. For example, PA includes projects only certified to sell into the PA SREC market, broken out by in state and out of state systems, as well as projects that are also certified to sell into PA and Other State markets broken out by in state and out of state systems (i.e. OH, DC, MD, DE, NJ). PA Out of State includes systems sited in states with their own state SREC market (i.e. DE) as well as systems sited in states that have no SREC market (i.e. VA). Also, it is important to note that the Current Capacity represents the total megawatts eligible to produce and sell SRECs as of the noted date, while the Estimated Required Capacity – Current and Next Reporting Year represents the estimated number of MW that need to be online on average throughout the reporting period to meet the RPS requirement within each state. For example, New Jersey needs approximately 255 MW online for the entire 2011 reporting year to meet the RPS requirement. Additionally, the data presented above does not include projects that are in the pipeline or currently going through the registration process in each state program. This data represents specifically the projects that have been approved for the corresponding state SREC markets as of the date noted.

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Solar Capacity in the SREC States – December 2010

Posted January 5th, 2011 by SRECTrade.

SRECTrade SREC Markets Report: December 2010

The following post outlines the megawatts of solar capacity certified and/or registered to create SRECs in the SREC markets SRECTrade currently serves.

PJM Eligible Systems

As of the end of December, there were 11,241 solar PV (11,015) and solar thermal (226) systems registered and eligible to create SRECs in the PJM Generation Attribute Tracking System registry. Of these eligible systems, 35 (~0.3%) have a nameplate capacity of 1 megawatt or greater, of which only 3 systems are greater than 5 MW. The largest system, currently located in Ohio, is 12 MW,  and the second largest, located in Chicago and eligible for the PA and DC markets, is 10 MW. The third largest system, located in NJ, is 5.6 MW.

Massachusetts DOER Qualified Projects

As of December 10, 2010, there were 180 MA DOER qualified solar projects; 156 operational and 24 not operational. Of these qualified systems, 9 (~5.0%) have a nameplate capacity of 1 megawatt or greater, of which only 2 are between 1.5 and 2 MW. None of the projects greater than 1 MW are currently operational.

Capacity Summary By State

The tables below demonstrate the capacity breakout by state. Note, that for all PJM GATS registered projects, each state includes all projects certified to sell into that state. State RPS programs that allow for systems sited in other states to participate have been broken up by systems sited in state and out of state. For example, PA In State includes projects eligible to sell into the PA SREC market as well as projects that may also be eligible to sell into OH and DC. PA Out of State includes systems sited in states with their own state SREC market (i.e. DE) as well as systems sited in states that have no SREC market (i.e. VA). Also, it is important to note that the Current Capacity represents the total megawatts eligible to produce and sell SRECs as of the noted date, while the Estimated Required Capacity – Current and Next Reporting Year represents the estimated number of MW that need to be online on average throughout the reporting period to meet the RPS requirement within each state. For example, New Jersey needs approximately 255 MW online for the entire 2011 reporting year to meet the RPS requirement. Additionally, the data presented below does not include projects that are in the pipeline or currently going through the registration process in each state program. This data represents specifically the projects that have been approved for the corresponding state SREC markets to date.

Dec JPEG Image updated

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Posted in Capacity Summary, SREC Markets | 2 Comments »

California – State Senate Unable to Pass 33% Renewable Portfolio Standard Target

Posted September 2nd, 2010 by SRECTrade.

On August 31st, the California state senate was unable to vote on the country’s most aggressive renewable portfolio standard (RPS) program due to the session coming to at close at midnight. The bill, SB 722, which passed the state assembly, would have required California to produce 33% of its electricity from renewable sources by 2020.

Governor Schwarzenegger had made it clear he would not have signed the bill even if it passed the senate. The governor’s main concerns were that SB 722 did not allow for enough electricity to be imported from out of state. Additionally, the Governor wanted the bill to include a solution to streamline California’s siting and permitting process for renewable energy projects. Back in June, the Governor commented that he would not, “sign legislation mandating a higher requirement without ensuring that the necessary projects can be built.”

The two main arguments here have to do with developing a vibrant renewable energy market in the state of California while also maintaining competitive electricity pricing. Importing electricity from outside of California doesn’t help increase the number of in state jobs required to build the renewable energy projects needed to meet the 33% RPS target. On the other hand, allowing for greater amounts of electricity to come from out of state will increase competition and hopefully keep prices down, something to be mindful of considering the current economic environment in California.

While Governor Schwarzenegger signed an executive order to reach the 33% target, the order could be over turned by any future governor. Although SB 722 didn’t pass, the governor could call a special session of the legislature to pass the bill before the upcoming election. This could be the only chance for the ambitious 33% target as both California Governor candidate Meg Whitman and U.S. Senate candidate Carly Fiorina are opposed to it.

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Posted in California, State RPS | 1 Comment »

Solar Alternative Compliance Payment (SACP)

Posted July 22nd, 2009 by SRECTrade.

The Solar Alternative Compliance Payment (SACP) is the amount that Load Serving Entities (LSEs), i.e. electricity suppliers, must pay per MWh of solar electricity that they are unable to generate themselves or buy rights to through SREC purchases in order to meet the state Renewable Portfolio Standard (RPS) solar requirement. Find out more about future RPS and SACP values from your state page on our SREC Program Information page.

An LSE is better off buying SRECs as long as the price is less than the SACP.  However, LSEs incur costs in purchasing SRECs, so the maximum price they are willing to pay may actually be well below the SACP. For instance, if a utility calculates that the cost to purchase an SREC is $40, they may not be willing to pay more than $40 less than the SACP. At that price, they can save money by simply paying the SACP.

Of course, while the SACP is fixed in any given year, the price of SRECs varies based on the market forces of supply and demand.  Find out more about this on our SREC Program Information page.

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SRECTrade Now in Delaware

Posted June 18th, 2009 by SRECTrade.

For our July 10th auction, SRECTrade plans on having a fully functional multi-state platform in place with seven new states and the ability to cross-list your SREC in multiple states. Delaware is a fairly new and liberal market for the exchange of SRECs. There are no restrictions on exporting SRECs and the state Renewable Portfolio Standard (RPS) has a specific carve-out for Solar through 2019. The standard is 20% renewables by 2019, with solar representing 2.005%.

If an electricity supplier (utility) doesn’t reach the solar-carve out threshold with their own solar supply or by purchasing SRECs, they must pay a Solar Alternative Compliance Payment (SACP) as an offsetting penalty into a state renewable energy fund. In Delaware, the SACP begins at $250 per MWh and increases $50 every year if a utility didn’t reach the threshold in the previous year. So there is a big incentive to buy SRECs to reach the threshold. This is why SREC prices follow SACP prices.

This year in Delaware, SRECs have fetched prices between $200-$250. However, as time progresses, if utilities don’t meet the solar threshold, you will see the SACP average price climb because of the $50 per year increase, and the SREC price will follow.

Additionally, since other states have different structures for their SACP price, they will have different prices for their SRECs. If you register your Delaware system in other states (e.g., Pennsylvania), you will be able to sell your SRECs in the states you are registered in by checking the cross-list box on the SRECTrade.com order. We’ll make sure you get the best price possible in your eligible states.

How to get started in Delaware:

1. Certify your PV system: your installer will provide you with the information to get your system certified by the state.

2. Option A: Sign up for our EasyBid service, and we’ll handle your SRECs. We’ll take care of registering your system with GATS, and cross-listing your SRECs on our multi-state auction platform every month to make sure you get the best price for your SRECs.

Option B: Sign up for GATS yourself in Delaware, as well as other states that accept Delaware SRECs (Pennsylvania and Maryland to start). Then post your SRECs every month on SRECTrade.com or find a third-party to sell your SRECs.

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