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Posts Tagged ‘SRECDelaware’

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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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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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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