40 Quarter Opt-In Term To Be Reduced
It is expected that the 40 Quarter Clearinghouse Auction Opt-In Term will be reduced to 32 Quarters effective July 20, 2013. The last day to submit paperwork to MA DOER for a system to receive a 40 quarter Opt-In Term is June 20, 2013.
- The paperwork that Knollwood Energy will need by June 10th to meet the June 20th deadline is: PV Detail Form, RPS Agreement, and our contract.
- Authority to Interconnect: Not required by June 20th but must be provided to us as soon as it is received.
- The 40 quarters for these systems will start October 1, 2013 and end September 30, 2023 regardless of the actual Authority to Interconnect date, unless the Interconnect occurs prior to October 1, 2013. In that case, the 40 quarter opt-in term will start with the actual quarter of interconnect.
- Production towards SRECs will not start until the Authority to Interconnect date.
2012 Minted SRECs and Reported Production
Based on what has been minted and reported for 2012 production to date, there are currently 38,447 excess 2012 SRECs. This amount will increase since there is one more month that Q4 2012 production can be reported.
*Q1,Q2,Q3 Minted SRECs 91,684
*Q4 MWH reported production 24,828
**2012 Compliance Obligation 81,559
Total Current Excess 38,447
*Q1: January – March production, Q2: April – June production, Q3: July – September production, Q4: October – December production
** Exact 2012 compliance obligation is determined by load and will be announce the end of March, 2013
The Clearinghouse Auction
Unsold 2012 SRECs can be deposited into the MA Clearinghouse Auction which will take place at the end of July, 2013. The auction price is fixed at $300 (minus the MA fee of $15 = $285). The buyers bid against each other for the number of SRECs they want to purchase. It is possible that some of the SRECs deposited in the auction will not be sold. Sold SRECs will be allocated on a pro-rated basis, so that an equal percentage of SRECs are allocated for each system that deposited SRECs. All remaining SRECs will be returned. These returned SRECs can then be sold anytime over the next three years but they can never go into the Clearinghouse Auction again. If they are not sold at the end of the three years they will expire. Knollwood Energy will continue to evaluate market conditions to decide if we will enter fourth quarter SRECs in the auction or to sell them in the market.
400MW Carve-Out Cap
MA has already installed half of the 400MW capacity cap for the current SREC program. It is expected that MA will reach the 400MW no later than the middle of 2014. MA DOER released a Solar Carve-Out Rulemaking and Policy Development Update today. Click here to view the update http://e2.ma/message/c9jkg/stylw.
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