Jersey City, NJ (August 11, 2009): Flett Exchange is pleased to announce the successful completion of the PSE&G public auction. PSE&G sold 1,352 energy year 2009 New Jersey Solar Renewable Energy Certificates (SRECs) on Flett Exchange for the volume-weighted-average-price of $688.52. The sale invited qualified institutions to participate in a transparent and competitive SREC auction market. This was PSE&G’s first public sale on Flett Exchange.
“Their demand was unprecedented,” said Ronald Black, Director of Sales and Marketing, at Flett Exchange. “Today’s market action demonstrates that Load Serving Entities (LSE) need to satisfy their Renewable Portfolio Standard (RPS) obligations and will pay up if necessary.” The PSE&G public auction came at 96.8% of the $711 compliance cap.
Five qualified bidders participated in the public auction and began submitting their bids at 9 am (EST). Bidders could either submit their bids directly online or call a Flett Exchange professional. Total market proceeds of the public sale was $930,879.04.