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Once a year four New Jersey Electric Distribution Companies procure full-requirements service for their Commercial and Industrial Energy Pricing (BGS-CIEP) loads in a single, statewide Auction for a one-year term (RY24).
On March 11, 2022, the EPA released a proposed rule to revise the CSAPR rule again, called the Good Neighbor Plan. Starting in 2023, the proposed rule looks to expand the Group 3 Ozone NOx Season from 12 States to 25 States.
The U.S. EPA released a proposed rule to vastly overhaul the Cross-State Air Pollution Rule, which controls SO2 and NOx emissions from power plants. Evolution's Paul Tesoriero breaks down the rule and its market impact.
The U.S. EPA has finalized rules updating the seasonal NOx emissions budget trading program. Twelve states will have their cap lowered in May, creating an effective two-tier trading system. Evolution's Paul Tesoriero analyzes the market impact.
Emissions among RGGI states in Q2 surprised many by falling only slightly below Q1 levels, and the recent strength in allowance prices reflect this. The market is at or near historic highs despite the pandemic. Evolution Markets' Paul Tesoriero walks through the numbers in the most recent RGGI Market Report.
Q1 2020 emissions data from RGGI states is in, and unsurprisingly CO2 emissions are down 18% year-over-year. Despite the COVID-19 impacts on economic activity, RGGI allowances gained $0.15 in value since January. Evolution's Paul Tesoriero goes behind the numbers in his new RGGI report.
RGGI started the year at $5.50 and, after a sometimes volatile 10 months, we are right back at $5.50. Nonetheless, the program is in for major changes in 2020 as new states look to join.
RGGI Prices started at $5.55 in January 2019 and as mid-June we are back at where we started with the latest spot price of $5.50. Prices dropped to a low of $5.23 on March 12, 2019, the same week RGGI conducted its first Auction of the year. The March Auction cleared at $5.27.
NEPOOL Class 1 REC prices continued to slide but the 2018 and 2019 vintages only moved slightly with 2018 vintage closing last month around $4.25 and 2019 vintage closing $7.25. View the full report for more market and regulatory updates.
NEPOOL Prices were remarkably stable in the past month as 2018 MA1 and CT1 RECs have found support at the $4.00 level for now and have generally traded between $4.00 and $5.00. View the full report for more market and regulatory developments.
After finding support during Q4 '17 and Q1 '18 in the $4.00-$5.00 range, the PJM REC market (vintages 2018-2021) spent the Spring of '18 trading in a fairly orderly $5.00-$7.00 range. View the full report for more market and regulatory updates.
RGGI prices jumped 15% after the September Auction cleared $4.50, and the market awaits the possible participation of New Jersey and Virginia.
The NEPOOL class I market reacted to the passage of the MA Omnibus Bill with mixed trading, but mostly continued downside price movements to close the month around $4.50. View the full report for more market and regulatory developments.
The 2017 NOx compliance year was particularly volatile, but allowance prices have settled in as we begin the 2018 NOx Ozone Season. Summer weather and decisions on NOx controls at the plant level will dictate whether we see a repeat of the price volatility from last year.
New entrants and the release of an Updated Model Rule headline the RGGI market for January. The result, however, is muted as prices remain flat.
Ken Worst of the Evolution Markets Coal Markets Desk reports on structural changes to the U.S. coal market that correspond with the transition of the coal industry itself.
RGGI releases its proposed program changes, and the market jumps 30% in the afternoon. Evolution Markets' Paul Tesoriero reviews the new rule and its potential impact on the market.
Continued delays in RGGI's Program Review stagnate market, writes Evolution Markets' Paul Tesoriero. Clarity possible this summer on RGGI allowance shave and Emissions Containment Reserve.
A 48% cut in Seasonal NOx allocations for 2017 and a final rule on banked allowances transitions the market from long to short. The May CSAPR report looks at the impact these regulatory changes will have on the market.
On September 9, RGGI announced the results of its 33rd Allowance Auction. The clearing price was $4.54, which is $0.01 higher than the last auction held on June 1, 2016. RGGI Prices have reached a high of $5.90 and a low of $4.50 since the June auction. RGGI prices were increasing steadily until the unexpected Supreme Court ruling on February 9 to stay President Obama’s Clean Power Plan Rule
On September 7th, the U.S. Environmental Protection Agency (EPA) finalized an update to the Cross-State Air Pollution Rule (CSPAR) Seasonal NOx Program. Starting May 2017, the final rule will reduce seasonal NOx allocations by approximately 48%. The final rule covers 22 states and includes an allowance trading program for implementation. The rule also allows Georgia to voluntarily opt into the state trading program
RGGI Prices have been quite volatile since the last RGGI Auction, which cleared $4.53 on June 1, 2016. Since then, the price climed to $5.90 by the end of June, but retreated down to $4.38 by mid July
RGGI announced today the results of the June 1, 2016 Auction. The clearing price was $4.53, which is $0.72 lower than the last Auction held on March 09, 2016. RGGI prices had increased steadily for the last few years until the unexpected on February 9th Supreme Court ruling staying President Obama’s Clean Power Plan
The Cross State Air Pollution Rule Pricing for NOx and SO2 seems to have leveled off in the month of March. Prices started off around $300 in January for both Annual and Seasonal NOx, however prices have steadily declined in the first quarter as Buyers acted cautiously in January and February
Mr. Volatility paid a visit to the RGGI market this month as prices reached highs ($8.50) and lows ($4.00) not seen in recent years, before settling in at $6.50 at month’s end. The catalyst for the decline this month was the unexpected Supreme Court ruling on Feb 9 to stay implementation of President Obama’s Clean Power Plan (CPP)
President Obama signed into the law an omnibus spending bill that includes a long-term extension – and phase out - of the production and investment tax credits.1 This extension will support the development of wind and solar projects that come online as late as 2023. For an industry that has gotten accustomed to short-term, patchwork extensions, this certainty will provide an opportunity to address some of the challenges that stand in the way of a lasting transformation of the nation’s electricity industry
On December 4, 2015, RGGI’s 30th Auction cleared $7.50, about $0.10 above where the market was trading when the auction bids were due earliler in the week. After the auction results, which again were surprisingly strong, the market traded as high as $7.60 but later settled in at the $7.50 clearing price
On September 11, 2015, RGGI’s 29th Auction cleared $6.02, above the $6.00 trigger that allowed 10 million Cost Containment Reserve (“CCR”) Allowances to be released. After the Auction Results, which were somewhat of a surprise, the market price steadily increased and settled the month at $6.80. Since the beginning of the year, RGGI prices have increased approximately 30%
The US Court of Appeals for the District Court of Columbia Circuit ruled this week that the EPA must reconsider the 2014 Budgets for SO2 and Ozone NOx in several states because they required the States to reduce beyond the points necessary to achieve air quality improvements in downwind areas. The rule follows the Supreme Court decision last year upholding CSAPR. Importantly, the Court did not vacate the rule, and the 2014 budgets impact Phase 2 of the program, which starts in 2017
On June 29, 2015 the Supreme Court ruled 5-4 that the EPA must consider costs in regulating power plant emissions and reversed a DC Circuit Court of Appeals decision in favor of EPA’s Mercury and Air Toxic Standard (MATS). Prices for both Annual and Seasonal NOx, which were slowly moving up the last few months, jumped from $140 to $160 on the news.
RGGI prices have held somewhat steady in 2015, starting off the year around $5.24 and reaching a high of $5.60 before the March, 2015 Auction cleared at $5.41. Prices dropped after the Auction to $5.30, but have steadily climbed back to the $5.50 level.
The Cross State Air Pollution Rule Pricing for NOx and SO2 seems to have leveled off in the month of March. Prices started off around $300 in January for both Annual and Seasonal NOx, however prices have steadily declined in the first quarter as Buyers acted cautiously in January and February.
Prepared For EMA 2014 Annual Meeting