Massachusetts RECs to be Auctioned Off

The growing market for RECs is not as tangible as a newly-erected wind turbine, landfill-gas recovery project or solar installation, but it’s crucial to the renewable energy industries and their widespread adoption in the U.S.

Later this month, Evolution Markets will conduct its second auction of renewable energy certificates (RECs) for the Massachusetts Technology Collaborative (MTC). MTC, a state agency managing the Massachusetts Renewable Energy Trust, plans to offer approximately 3,000 Massachusetts “New” Renewable Certificates generated in the fourth quarter of 2004. The certificates are from the Chicopee landfill gas-to-energy facilities 1, 2, and 3, which are approved by the Massachusetts Department of Energy Resources as an eligible source under the Massachusetts Renewable Portfolio Standard. As administrator for the auction, Evolution Markets will accept bids up to the auction deadline of 2:00 pm (Eastern Standard Time) on Wednesday, April 20, 2005. “This auction follows a very successful sale of renewable certificates by MTC in February,” said Anna Giovinetto, director of Environmental Markets at Evolution Markets. “As the previous auction demonstrated there is considerable interest in Massachusetts RECs.” MTC administers the Massachusett’s Renewable Energy Trust, which promotes clean energy technologies. The Chicopee landfill gas-to-energy project that generated the certificates was developed with funding from the Massachusetts Green Power Partnership, an initiative under the Renewable Energy Trust. Evolution conducted the first auction for MTC on February 03, 2005. The February auction was for approximately 5,000 Massachusetts “New” Renewable Certificates, which sold for an average price of $51.12 each, or more than $255,000 in total. “We were encouraged by the level of participation and market interest in our previous auction, which was also conducted by Evolution Markets,” said MTC Renewable Energy Markets Manager Martha Broad. “The proceeds from that auction and our upcoming sale assist us in making investments in clean energy projects across Massachusetts.” Bidders interested in participating are required to submit bids to Evolution Markets via telephone prior to 2:00 pm EST on the auction date. Bids are binding until 5:00 p.m. EST on the bid due date. Once a bid or bids have been accepted by MTC, Evolution Markets will inform the successful bidders and then announce the auction results to the market.
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