Renewable Energy Credit (RECs) Market Dynamics

Renewable Energy Credit (RECs) Market Dynamics

Business & Compliance Strategies in Procurement, Trading &, Project Finance

June 9-10, 2021 | Online :: Central Time

“Very informative and interactive event! Provided a great overview as well as opportunity to ask more in-depth questions.”  Manager of Long-Term Energy Policy, Pacific Gas & Electric (PG&E)

“EUCI conferences are targeted at industrial insiders and each one dives deep into specific topics. This REC program is great for anyone looking to expand their connections within their industry or those new to the material.” CEO, EDGE Energy

The surge of public demand for renewable energy solutions to address de-carbonization and climate change objectives has pushed up the value and importance of renewable energy credits (RECs).  How utilities, load serving entities and corporate power consumers source their RECs is now a business in its own right.  It requires meticulous awareness as well as attention to the nuances of REC procurement, markets and trading. 

This symposium will dive into the dynamics of both voluntary and compliance REC markets, with particular emphasis on how they are formed and influenced through regulation, policy and evolving consumer awareness and demand.   REC market experts will characterize active and emerging REC markets in the U.S., emphasizing key financial and contractual considerations.  They will interpret trends and dynamics in regulated and retail utility markets and green pricing programs, along with corporate renewable procurement through power purchase agreements (PPAs).  The program will offer insight into the important REC processes that utilities and corporate REC participants must perfect – such as verification, certification, system administration, and appropriate financial structuring – to achieve their optimum transactional value.  Finally, attendees will explore with subject matter experts what ISO or FERC initiatives regarding carbon pricing could portend for the pricing of RECs and other renewable energy market products.

Learning Outcomes

  • Assess the current landscape and history of environmental markets in North America
  • Identify the fundamentals of REC market dynamics, transaction and trading
  • Review carbon policy and pricing initiatives, their performance to date and what the policies of a new (green-friendlier) administration portend
  • Recognize compliance REC markets drivers, key trends and transactional elements
  • Discuss voluntary REC markets drivers, key trends and transactional elements
  • Detail the requirements of registering, selling, settling and tracking RECs
  • Evaluate optimal business and utility/LSE strategies in environmental markets
  • Formulate tips for trading and hedging RECs – deciding what to buy and other aspects – of “in-the-money” transactions
  • Define critical REC transaction elements from a project developers’ perspective
  • Discuss opportunities to generate substantial revenue through emission reduction credits in “non-attainment areas”


Wednesday, June 9, 2021 : Central

8:45 – 9:00 a.m.
Log In

9:00 – 9:15 a.m.
Welcome, Overview and Introductions

9:00 a.m. – 5:30 p.m.
Course Timing

REC – Fundamentals

9:15 – 10:30 a.m. :: Overview of Renewable Energy Markets & Renewable Energy Credit (REC) Market Dynamics

  • Background and history of RECs
  • 5 Ws of RECs
  • Structure of RECs from a legal and regulatory standpoint
    • Renewable portfolio standard (RPS) programs
    • National elements
    • Regional and state elements
  • States with RPS programs and/or related RECs structures
  • How are RECs, originated, created, and transferred?
  • REC procurement and sale
  • Regulatory/legislative issues
  • Update on regional REC market activity
    • New England Renewable Energy Credits (RECs) overview
    • New Jersey
  • Renewable Energy Credit (REC) Market Dynamics
    • REC market forces and dynamics
    • REC statistics by technologies
    • REC statistics by state
    • Multi-state qualification
    • Compare and contrast regional markets
    • Solar renewable energy credits (SRECs)
    • Carve-outs, set-asides and other focusing instruments
    • Describe a summary of oversupply/undersupply in the RECs market(s)
    • Identify the function of alternative compliance payment mechanisms

Zeyd Tabbara, Environmental Commodities Broker, BGC Environmental Brokerage Services

10:30 – 10:40 a.m. :: Morning Break

10:40 a.m. – 12:00 p.m. :: Survey of REC Registries & Administrative Aspects of Operation

  • Overview of RECs regional markets and North American REC Tracking Systems, or Registries
    • Texas Renewable Energy Credit Program
    • PJM- Generation Attribute Tracking System
    • Western Renewable Energy Generation Information System (WREGIS)
    • Midwest Renewable Energy Tracking System (M-RETS)
    • North American Renewables Registry (NAR)
    • Michigan Renewable Energy Certification System (MIRECS)
    • Nevada Tracks Renewable Energy Credits (NVTREC)
    • North Carolina Renewable Energy Tracking System (NC-RETS)
    • NEPOOL -Generation Information System (New England)
  • Review how different registries operate
  • Tips for programmatic day to day administration and operation
  • Compare and contrast regional markets: key differences
  • Midwestern RECs: understanding the opaque market and evaluating future opportunities

Benjamin Gerber, President & Chief Executive Officer, Midwest Renewable Energy Tracking System (M-RETS)

12:00 – 12:45 p.m. :: Break for Lunch

12:45 – 2:05 p.m. :: REC Transactions & Trading Components

  • Identify REC market players (buyers, sellers, brokers, traders)
  • Technicalities of a REC transaction process
    • Successful transaction mechanisms
    • Trade execution
    • Structured transactions
  • Day in the life of a REC market participant
    • Trading RECs in voluntary and compliance markets
    • Volume of RECs
    • Value of transactions
    • Types of transactions

Patrick McFadden, Broker – Environmental Commodities, Marex Spectron

Emily Nemec, Broker – Environmental Commodities, Marex Spectron

2:05 – 3:00 p.m. :: Compliance REC Market Landscape for Utilities, Load Serving Entities and Retail Energy Providers

  • Regulated vs deregulated power markets
  • Relationship of REC tracking systems mirror the ISO/RTO regions
  • Retail power sales and renewable generation and region/ISO
  • Installed wind capacity vs. wind resource map
  • MAP of U.S. installed solar capacity vs. solar resource map
  • Regions and REC products traded
  • Types and method of transacting

Erin Eckenrod, Director – Environmental Products, AES Clean Energy

3:00 – 3:15 p.m. :: Afternoon Break

3:15 – 4:30 p.m. :: Compliance REC Transactions from the Perspective of Sponsors, Project Developers, Merchant Generators, Utilities, and Marketers

  • RECs role in the overall financing of a solar project
  • Piecing together a financial package for RECs
  • Project finance through REC transactions
    • Selling long-term REC obligations
    • Hedging forward REC compliance needs
  • Debt and equity
    • Contracts to sell RECs
    • Different types of REC contracts
    • Structuring long-term REC contracts
    • REC contract implications on financing
  • Contract/transaction case-studies

James Duffy, Partner, Nixon Peabody LLP

Tony Grappone, Partner, Novogradac & Company LLP

Brian Morrissey, Managing Director, Citizens Solar

4:30 – 5:30 p.m. :: Compliance REC Markets and the Impact of RPS Legislative & Policy Directives

This panel of subject matter experts with different roles in the fulfillment of compliance market transactions will discuss an array of salient issues that confront the industry:

  • Cause – effect review of policy changes and price outcomes
  • Pending changes in states
  • Recommended tweaks to existing markets
  • Stability of pricing and programs
  • Cost caps
  • Cost shifts

Erin Eckenrod, Director – Environmental Products, AES Clean Energy

Zeyd Tabbara, Environmental Commodities Broker, BGC Environmental Brokerage Services

Jim Duffy, Partner, Nixon Peabody LLP

Christie Prescott, Director – Wholesale Power Contracts, UIL Holdings Corp

5:30 p.m. :: Course Adjourns for Day

Thursday, June 10, 2021 : Central Time

8:15 – 8:30 a.m.
Log In

8:30 a.m. – 12:15 p.m.
Course Timing

REC – Voluntary Markets

8:30 – 9:45 a.m. :: Voluntary REC & Green Power Markets Landscape

  • Background, status and trends
  • Voluntary REC market buyers and players
    • Corporations and large organizations
    • Residential consumers
  • Product types
    • Selling in regulated and retail markets
    • Needs and considerations for existing programs
  • System administration for voluntary RECs
  • C&I REC market and purchase process
    • Tracking systems
  • Technicalities of key processes in the voluntary REC market
    • Typical processes and interactions
    • Certification and eligibility
    • Purchase process for commercial/residential
    • Bundled RECs in power purchase agreements
      • Certifying long-term contracts
      • Direct certification

Michael Leschke, Senior Manager – Certification Programs, Center for Resource Solutions (CRS)

9:45 – 10:00 a.m. :: Morning Break

10:00 – 11:15 a.m. :: Voluntary REC Market Trends & Transactions for Corporate Renewable Procurement and Green PPAs

This session will discuss growing national trends in corporate and industrial renewable energy procurement, and how these projects are driving demand for clean energy and growing voluntary renewable markets across the country.  The session will also address specifics of negotiation of renewable power purchase agreements (PPAs) associated with these projects, discussing considerations from both the buyer and seller perspective, and tips to optimize the purchase and sale of a project’s associated environmental attributes. 

Supria Ranade, Senior Director – Power Marketing and Wholesale Operations, Lightsource BP

Joshua L. Belcher, Counsel, Eversheds Sutherland (US)

11:15 a.m. – 12:15 p.m. :: Voluntary REC Markets Trends & Transactions for Corporate Renewable Procurement and Green PPAs: Will They Eclipse Compliance REC Markets?

This panel of subject matter experts who perform different roles in the fulfillment of voluntary REC market transactions will discuss an array of salient issues that confront this rapidly expanding segment of the industry:

  • Resolving double-counting vs. double-claiming of RECs
  • Mutations and innovations in PPAs
  • Certification of programs vs facilities
  • Pricing REC risk into premium
  • Compatibility/conflict relationship of voluntary REC markets to compliance REC markets

Joshua L. Belcher, Counsel, Eversheds Sutherland (US)

Michael Leschke, Senior Manager – Certification Programs, Center for Resource Solutions (CRS)

Patrick McFadden, Environmental Products Broker, Marex Spectron

12:15 p.m. :: Course Adjournment


Impact of FERC/ISO Carbon Pricing on Renewable Energy Markets

Thursday, June 10, 2021 : Central Time

Setting a price for carbon has been in the public policy discussion arena for more than a decade.  Many utilities and power system organizations model shadow carbon pricing into their assumptions as a means for anticipating the penalty that electricity markets assign to higher carbon generation resources.  Though the prospect of an actual carbon tax has not gained legislative traction, increasingly regulators and oversight agencies are weighing whether and how to recognize the presence and impact of this variable in their operations or on aspects of the industry over which they have jurisdiction.  FERC, CAISO, NYISO and PJM (among others) have devoted more attention to the concept and are evaluating their paths forward.  This workshop will provide a convenient survey of these efforts and what they may portend for the pricing of RECs and other renewable energy market products.



12:45 – 1:00 p.m.
Workshop Log In

1:00 – 1:15 p.m.
Overview & Introductions

1:00 p.m. – 4:45 p.m.
Workshop Timing

1:15 – 4:45 p.m. :: Survey of Carbon-Pricing Studies, Efforts and Initiatives Underway

  • PJM
  • FERC

General Framework of Elements

  • State measures vs regional measures
  • Leakage between jurisdictions
  • Pricing mechanisms
  • Reporting, compliance and enforcement
  • Relationship to various market products
  • Impact on other market operations
  • Impact on locational marginal prices (LMPs)
  • Influence of state subsidies, incentives, uplifts and reliability

What Might Work and What Might Not

Evaluating the Prospective Impacts on Slices of Renewable Energy Markets

  • Renewable Energy Credit (REC)
  • Greenhouse Gas (GHG)
  • Energy Efficiency Certificates (EEC), aka Energy Saving Certificates
  • Renewable Natural Gas (RNG)
  • Renewable Identification Number (RIN)
  • Renewable Fuel Standard (RFS)
  • Low Carbon Fuel Standard (LCFS)

The Path Forward

4:45 p.m. :: Workshop Adjournment




Joshua Belcher is Of Counsel for Eversheds Sutherland LLP.   He has a national, multidisciplinary practice counseling clients in the utility, power and pipelines sectors. He guides clients through mergers and acquisitions, financings, project development and energy commodities transactions, with a focus on helping companies identify and manage complex environmental business risks in the context of the transaction and ongoing operational compliance.  Mr. Belcher has extensive experience in both the development and acquisition of utility-scale and customer-sited energy projects, including combined heat and power, wind, biomass and solar facilities. He represents both corporate buyers and project developers in the negotiation of renewable power purchase agreements for physical energy and financially-settled hedges and the purchase and sale of associated environmental attributes.  Mr. Belcher also represents energy companies in civil litigation and administrative proceedings.

James F. Duffy is a partner in the Boston office of the national law firm, Nixon Peabody LLP.  He serves as the Co-Chair of the firm’s Renewable Energy Tax Credit Team and concentrates his practice on structuring and closing transactions involving federal income tax credits and other significant federal and state income tax incentives, including Production Tax Credits and Investment Tax Credits for renewable energy.  His practice also covers New Markets Tax Credits.  Mr. Duffy has represented numerous developers, investors, syndicators and lenders in structuring and closing renewable energy and other transactions.  He serves on the Board of Directors and is the Secretary of the Distributed Wind Energy Association (DWEA), as well as the Board of Directors of Windustry.  He is a graduate of the University of Rhode Island, B.A. and The Harvard Law School. 

Erin Eckenrod is Director of Environmental Products at AES Clean Energy.  She is an environmental products trader with nearly two decades’ experience trading, hedging and originating North American renewables, carbon and emissions products.  She has a successful track record of setting up and building environmental trading desks and businesses built around proprietary trading, self-originated product flow and asset optimization.  Before joining AES Clean Energy in 2021, Ms Eckenrod was Principal at E2 Environmental Services LLC, a renewable consulting and management business.  Additionally she was also affiliated with SRECTrade Inc – the country’s largest solar aggregator and provider of renewable technology and brokerage solutions – as a portfolio and trade execution manager. Her previous work experience in renewables ranges from origination of PPAs and structured products for EDP Renewables to Head of Environmental Products at EDF Trading.  She also worked as a Trader in Renewables/Emissions at NRG Energy, where she was responsible for both trading and the management of the renewable obligations and assets of the company.  Ms Eckenrod has an MBA from the University of Chicago (Booth School of Business) and is a CFA Charterholder.

Benjamin Gerber is the Executive Director for Midwest Renewable Energy Tracking System, Inc (M-RETS). M-RETS tracks renewable energy generation in participating states and provinces and assists in verifying compliance with individual state/provincial or voluntary Renewable Portfolio Standards (RPS) and objectives. The importance of M-RETS is to keep track of all relevant information about renewable energy produced and delivered in the region.  Prior to his appointment as Executive Director of M-RETS, Gerber served as Director of Energy and Labor/Management Policy at the Minnesota Chamber of Commerce. He joined that organization in January 2012, representing the Chamber’s energy interests at both the Legislature and the Public Utilities Commission. Prior to that, he was an oil and gas attorney and handled Fredrikson & Byron’s government relations operation in North Dakota, focusing on mining, energy and tax legislation. His Minnesota experience includes time spent at a Minneapolis government relations office, and public policy and legal work for National Wind, LLC, a large-scale community wind developer.  Mr. Gerber holds a degree in political science from the University of Michigan.  He graduated from William Mitchell College of Law and is admitted to the Minnesota State Bar Association.

Tony Grappone is a partner in the Boston, Mass., office of Novogradac & Company LLP, where he specializes in providing accounting, tax, and consulting services to developers, syndicators, and investors of projects that qualify for the low-income housing tax credit, historic tax credit, new markets tax credit, and renewable energy tax credit.  He serves as a technical editor of the firm’s Renewable Energy Tax Credit Handbook. Prior to joining Novogradac & Company LLP, Mr. Grappone worked at Ernst & Young LLP, specializing in partnership taxation within the affordable housing industry, servicing many of the nation’s largest tax credit syndicators and investors.  In addition, he served several leading venture capital firms as well as commercial real estate developers and investors. Mr. Grappone serves as a member on the Northeastern University Undergraduate Accounting Group Advisory Board.  

Michael Leschke is Senior Manager of Certification Programs at the Center for Resource Solutions (CRS).  He joined the firm in 2012, where he assists in carrying out the multiple aspects of the Green-e Energy program. He is involved in the development and management of the annual verification process for the Green-e Energy program, managing relationships with a large group of Green-e Energy’s participant organizations, and engages in research on various renewable energy topics.  He also acts as a lead Salesforce administrator for CRS. Mr. Leschke has previous experience performing policy research and analysis for environmentally focused public sector and non-profit organizations.  He received a B.A. from the University of California, Irvine in Political Science and International Studies as well as a Master of Public Policy from the University of Southern California’s Sol Price School of Public Policy.

Patrick McFadden is an Environmental Products Broker on the U.S. Environmental Desk at Marex Spectron, where he facilities transactions of Renewable Energy Credits and other environmental products.  Mr. McFadden has previously held multiple, other positions at Marex Spectron, including management of the company’s operations and accounting.

Brian Morrissey is Managing Director at Citizens Solar, a division of Citizens Energy Corporation, a national developer and owner / operator of distributed generation and small utility scale solar projects.  He founded Citizens’ solar business in 2010 and is responsible for all solar related activities, including project origination, development, construction management, financing, and asset management.  The company finances all of its projects with typical project finance structures and provides all sponsor equity for each portfolio. Prior to joining Citizens Energy Corporation, Mr. Morrissey was on the Global Power team at Cambridge Energy Research Associates (CERA), a leading energy consulting and research firm to international energy companies, governments, financial institutions, and technology providers.  Before his tenure at CERA, he worked in GE Energy’s central marketing and strategy group, and was an officer in the U.S. Army. 

Christie Prescott is the Director of Wholesale Power Contracts at UIL Holdings Corp, which she joined in 2019.  There she applies her expertise in renewable power strategy and policy, renewable portfolio standards, environmental policy and advocacy, as well as environmental compliance and management.  Prior to that she worked for 20 years at Eversource Energy, serving most recently as Manager of Renewable Power Contracts. In that role, Ms Prescott focused on Renewable Power Strategy and Renewable Portfolio Standards throughout Connecticut, Massachusetts and New Hampshire, developing corporate, legislative and regulatory positions and administering business transactions in support of renewable power, including procurement and sale of Renewable Energy Credits (RECs) and administering both short and long-term contracts for RECs.  Previous roles she occupied at the utility included as Manager of Environmental Compliance and Strategy and Manager of Meter Operations.  Ms Prescott holds a Bachelor’s Degree in Environmental Geography and Biology from Central Connecticut State University, and a Master’s Degree in Environmental Policy from Rensselaer Polytechnic Institute.

Supria Ranade is Senior Director of Power Marketing and Wholesale Operations at Lightsource BP.  She has more than 12 years of experience in the North American power, gas, and environmental markets. Prior to joining Lightsource BP, she worked on structured transactions at Direct Energy, BGC Partners, and Evolution Markets. Ms. Ranade received her Bachelor of Science in Environmental Science, from Johns Hopkins University, a Master of Science at Columbia University. She currently serves on the Board of the Midwest Renewable Energy Tracking System (M-RETS).

Zeyd Tabbara is an Environmental Commodities Broker at BGC Environmental Brokerage Services, LP, a subsidiary of BGC Partners. He has over five years of experience in the U.S. renewable energy markets, where he helps developers monetize their environmental assets; load-serving entities satisfy their renewable mandates; and corporations achieve their sustainability goals. Zeyd also leads BGC’s efforts in the California emission markets, helping customers operating in the state to navigate localized regulation regarding the emission of pollutants. Zeyd holds a Bachelor of Arts in Economics and Finance from McGill University

Online Delivery

We will be using Microsoft Teams to facilitate your participation in the upcoming event. You do not need to have an existing Teams account in order to participate in the broadcast – the course will play in your browser and you will have the option of using a microphone to speak with the room and ask questions, or type any questions in via the chat window and our on-site representative will relay your question to the instructor.

  • IMPORTANT NOTE: After November 30 you will not be able to join a Teams meeting using Internet Explorer 11. Microsoft recommends downloading and installing the Teams app if possible. You may also use the Edge browser or Chrome.
  • You will receive a meeting invitation will include a link to join the meeting.
  • Separate meeting invitations will be sent for the morning and afternoon sessions of the course.
    • You will need to join the appropriate meeting at the appropriate time.
  • If you are using a microphone, please ensure that it is muted until such time as you need to ask a question.
  • The remote meeting connection will be open approximately 30 minutes before the start of the course. We encourage you to connect as early as possible in case you experience any unforeseen problems.


Please Note: This event is being conducted entirely online. All attendees will connect and attend from their computer, one connection per purchase. For details please see our FAQ

If you are unable to attend at the scheduled date and time, we make recordings available to all registrants for three business days after the event

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EUCI is accredited by the International Accreditors for Continuing Education and Training (IACET) and offers IACET CEUs for its learning events that comply with the ANSI/IACET Continuing Education and Training Standard. IACET is recognized internationally as a standard development organization and accrediting body that promotes quality of continuing education and training.

EUCI is authorized by IACET to offer 1.1 CEUs for this event.

Requirements For Successful Completion Of Program

Participants must log in/out each day and be in attendance for the entirety of the conference to be eligible for continuing education credit.

Instructional Methods

PowerPoint presentations and case studies will be used in program.