Solar Credit Clearinghouse Auction Account Closes with No SRECs Deposited
The Massachusetts Department of Energy Resources (DOER) announces the close of the Solar Credit Clearinghouse Auction Account for Compliance Year 2011. As of 12:00 AM EST on June 16 th no eligible SRECs had been deposited into the Auction Account at NEPOOL GIS. Given that there was no volume of SRECs in the Account at its closing, DOER will not hold a Solar Credit Clearinghouse Auction in late July.
The lack of deposits in the Auction Account reflects the shortage of SRECs available to meet the 2011 solar compliance obligation, enabling all sellers of SRECs to find willing buyers in the market.
SRECs Minted and Expected
The following table was developed in an effort to provide transparency to the market in regards to the number of Solar Carve-Out Renewable Energy Certificates (SRECs) that have been minted at the NEPOOL GIS and the number of MWh that have been reported to the MassCEC Production Tracking System (PTS). The table will be updated monthly.
SRECs Minted and MWh reported to the PTS - Updated April 23, 2013
Each Retail Electricity Supplier, both regulated utilities and competitive suppliers, must demonstrate to DOER in an Annual Compliance Filing that it complied with the RPS Minimum Standard for the prior calendar year (Compliance Year). The Minimum Standard for the Class I Solar Carve-Out is the percentage of a Supplier's total retail load obligation that must be met by the ownership of Solar Carve-Out Renewable Energy Certificates (SRECs) issued by the NEPOOL GIS, with each SREC signifying one MWh of electrical energy from a PV Generation Unit (or Aggregation) that has been qualified by DOER for the Solar Carve-Out.
The Solar Carve-Out Minimum Standard is part of, not in addition to, the RPS Class I Minimum Standard. The Minimum Standard for the RPS Class I Solar Carve-Out of each year is calculated and announced in accordance with the provisions of the RPS Class Regulation in 225 CMR 14.07(2).
Calculation of the RPS Class I Solar Carve-Out Minimum Standard
|Compliance Year||Compliance Obligation||2 years prior||Total Retail Load Obligation||Solar Carve-Out Minimum Standard|
The Opt-In Term set for projects that receive Statements of Qualification through July 19, 2013 is 40 quarters or 10 years. DOER will announce any changes to the Opt-In Term no later than July 20, 2013.
Alternative Compliance Payment Rates
The Alternative Compliance Payment (ACP) Rate is $550/MWh for Compliance Year 2013. Competitive Retail Electric Suppliers will be able to meet their Solar Carve-Out compliance obligation for load under contract prior to January 1, 2010 with an Alternative Compliance Payment at a rate equal to the RPS Class I ACP rate for the applicable Compliance Year. These eligible contracts do not include any contracts associated with Basic Service load sold by distribution companies to retail customers.
Forward Solar Carve-Out ACP Rate Schedule
|Compliance Year||ACP Rate per MWh|
|2024 and after||added no later than January 31, 2014 (and annually thereafter) following stakeholder review|
DOER has granted Statements of Qualification for the following Generation Units: RPS Solar Carve-Out Qualified Units - updated May 20, 2013
This information is provided by the Department of Energy Resources.