June 26, 2019
Governor Sununu vetoed a bill that would have supported Renewable Energy Credits in New Hampshire.
SB72 was intended to correct “Renewable Energy Credit (REC) sweeping”, by which the utilities can count any unregistered RECs against their compliance obligations under the Renewable Portfolio Standards. This has led to a distorted REC market with very low REC prices, negatively impacting system owners and project economics. SB72 would have removed the ability for utilities to count unclaimed RECs and restore the market to its intended form and function.
We had hoped the passing of this bill would have stimulated the REC price. Without it, we will continue to see very depressed prices.