Massachusetts’ RECs Up for Auction

Both a systems benefits charge and a statewide renewable portfolio standard have contributed to a healthy renewable energy market in Massachusetts. Not only is this manifest in actual projects but in their clean energy commodities, known once as green tags, and now more popularly known as renewable energy certificates (RECs).

Beginning this February, the Massachusetts Technology Collaborative (MTC) a state agency managing the Massachusetts Renewable Energy Trust, intends to offer the certificates in an auction. Evolution Markets will conduct the auction. MTC plans to offer approximately 5,000 Massachusetts “New” Renewable Certificates generated in the second and third quarters of 2004. The certificates are from the Chicopee landfill gas-to-energy facilities 1, 2, and 3, which have been 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 Thursday, February 03, 2005. “This auction represents an excellent opportunity for market participants to obtain certificates,” said Anna Giovinetto, who is the director of Environmental Markets at Evolution Markets. “We look forward to offering these certificates to the market in a transparent, competitive manner.” MTC administers the state’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. 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, issue transaction confirmations, and then announce the auction results to the market.
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