Massachusetts REC Auction Yields More Than $1.3 M for Renewable Energy Development

Evolution Markets Inc. completed a forward auction of renewable energy certificates (RECs) for the Massachusetts Technology Collaborative (MTC), a public economic development agency that manages the state’s Renewable Energy Trust.

All of the Massachusetts “New” Renewable Certificates on auction sold for an average price of $52.52. Total proceeds from the auction are $1,313,100.

The RECs sold in the auction can be used for compliance under the Massachusetts Renewable Portfolio Standard (RPS), or for Massachusetts’ voluntary green choice programs. The RPS mandates that companies selling electricity on the retail level in the state must “retire” a quantity of qualified RECs equivalent to a percentage of the total number of megawatt hours they sell.

For 2008, that percentage is 3.5%. In addition, through voluntary choice programs, a growing number of Massachusetts consumers are choosing to pay more on their electricity bill to support renewable projects.

According to Ian Springsteel, Industry Investment & Development Manager for the Massachusetts Technology Collaborative, “The auction process continues to be an efficient means for the MTC to sell RECs for the benefit of renewable energy development in Massachusetts.”

The MTC auction, which was administered by brokers Evolution Markets, sold 25,000 Massachusetts “New” Renewable Certificates to be generated in the first, second, third, and fourth quarters of 2008.

Complete auction results are available here.

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