PJM EnviroTrade Modifies SREC Auction Timeline

PJM EnviroTrade, a subsidiary of PJM Interconnection, has expanded the bid-and-offer period in its monthly Sage auction of solar renewable energy certificates (SRECs). According to the company, the goal of the switch is to provide greater flexibility to market participants. Additionally, sellers can offer currently eligible certificates from any year.

‘The change results from our market participants' feedback, which we appreciate,’ says Adrien Ford, president of PJM EnviroTrade. ‘We're affording participants more liberty regarding placing their bids and making their offers, and we're excited to include additional products and enhance our service offerings by adding more vintages of certificates to the Sage auction.’

The Sage auction now will be executed on the third Wednesday of the month, instead of the second Wednesday of the month, with results posted the following day at 10 a.m. Additionally, the seller offer window will open immediately following the end of the prior month's auction, which provides sellers with several more days to enter SRECs into the upcoming auction, the company explains.

The buyer bid window will open immediately following the end of the sell volume window, allowing buyers several days to post bids. The auction timeline is posted on the PJM EnviroTrade website under Sage Auction Information.

In addition, all currently eligible vintages of SRECs can now be offered in the Sage auction rather than just from the current year. For example, in a state where an SREC has a three-year lifetime, any SREC that has been generated in the most recent three vintage years would be eligible for sale in that state. SREC eligibilities will be noted so that buyers are aware of the vintages they are purchasing.

SOURCE: PJM EnviroTrade


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