Flett Exchange is pleased to announce the results of the Town of Morristown Solar Renewable Energy Certificate (SREC) sale. 293 energy year 2010 New Jersey SRECs were sold at a clearing price of $672.00. The sale was conducted Flett Exchange’s electronic marketplace under its Public-Auction SREC Market and total market proceeds equaled $196,896. Registered buyers and the public could observe the bidding in real time by logging in to Flett Exchange.
The $672 clearing price is 97% of the $693 Alternative Compliance Payment (ACP). The ACP is the payment electric producers have to pay to the State of New Jersey if they do not produce a specified amount of electricity using solar energy or through the purchase of SRECs from facilities located in New Jersey. The auction was oversubscribed by over 300% and there was strong participation by Load Serving Entities (LSE’s) trying to purchase SRECS. This activity supports solar development in New Jersey and SREC revenue goes to entities that take risk in developing solar facilities.
The Town of Morristown generated these Solar RECs from a solar facility located on their waste water treatment plant.