Solar and nonsolar renewable energy credits moved with an upward bias in the week to Jan. 14 as trading volume improved at most U.S. markets.
New Jersey energy year 2020 SRECs were steady on the week at an index of $231.38/MWh, while 2021 SRECs were 87 cents higher to an index at $233.25/MWh in the week to Jan. 14.
New Jersey vintage 2020 and vintage 2021 Class I RECs, meanwhile, posted gains, advancing 13 cents and 21 cents to indexes at $10.95/MWh and $11.19/MWh, respectively.
Maryland vintage 2020 and 2021 Tier I RECs followed the dominant upward trend with 2020 Tier I RECs up 14 cents to an index at $10.97/MWh, and vintage 2021 Tier I RECs up 12 cents at an average of $11.08/MWh in the week under review.
Maryland solar markets also were up in line with the broad weekly trend. Energy-year 2020 SRECs posted an index at $80.38/MWh, and energy-year 2021 SRECs posted an index at $80.44/MWh, advancing 13 cents and 44 cents, respectively.
The state's SREC market continues to be impacted by the Maryland Clean Energy Jobs Act, or CEJA, according to SRECTrade, an SREC transaction and management firm.
CEJA increased Maryland's renewable portfolio standard to 50% by 2030 with a solar carve-out of 14.5% by 2028 and established a declining solar alternative compliance payment schedule set at $100 this year, decreasing in 2021 and 2022 by $20 before declining further after that.
SRECTrade anticipates the Maryland SREC market was oversupplied in 2020 but that years of undersupply could follow. The firm said to maintain the current renewable portfolio standard, Maryland must ramp up its build rates, which were down 23.4% to 7.79 MW per month in the 12 months from November 2019 to October 2020, compared with the average of 9.61 MW per month in the prior 12 months.
Pennsylvania's energy-year 2020 and 2021 SRECs broke from the dominant weekly trend as 2020 SRECs stalled at $21.13/MWh and 2021 SRECs tumbled 12 cents to an index at $23.38/MWh.
Meanwhile, back in line with the uptrend, Pennsylvania vintage 2020 Tier I RECs added 13 cents to an index at $10.93/MWh, and vintage 2021 Tier I RECs added 30 cents to an index at $11.18/MWh.
