Results of the Delaware 2017 SREC Procurement have been announced.
Delmarva Power has purchased 20,000 SRECs through the auction. The pooled N-1, E-1, and E-2 tier was oversubscribed and had a bid tie. Per program rules, a random lottery was conducted to award the bids among those bids involved in the bid tie after the tied bids were given the opportunity to lower their bid price. Program rules were also exercised concerning the N-3 tier. According to the 2017 filing by Delmarva Power, if Tier N-1 and/or Tier N-2 have losing bids that are lower priced than winning bids for Tier N-3, such bids will be applied to Tier N-3 in order to minimize the weighted average bid price of Tier N-3. The auction saw a number of losing N-1 bids that were lower priced than bids in N-3, causing N-1 bids to replace bids in the N-3 tier. Delmarva Power did not exercise any price discretion in the auction. The under-subscribed N-2 and N-3 tiers were filled with the lowest price available bids in the auction, which came from N-4. Click here to view the pricing of this year’s auction.
All bidders will be able to log on to the SRECDelaware.com website and see the status of their bid in their online dashboard. In addition, all participants will receive an email detailing their results. All winning bidders will have until September 1st, 2017 to sign and return their transfer agreement, which will be accessible on their SRECDelaware.com dashboard.