Renewable Energy Credit (RECs) Market Dynamics

Renewable Energy Credits (REC) Market Dynamics

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

July 27-28, 2022 | 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)

“The course was structured and run very well. Definitely recommend attending any of their classes.” Program Manager, Consumers Energy

“This seminar is full of excellent information, beneficial to any ranking professionals looking to refine their knowledge on RECs, and their markets.” Financial Operations Analyst, Clearview Energy

“EUCI offers workshops that promote an intimate environment where participants can network and learn in an open and knowledge-based environment. I’d highly recommend this conference for those industry veterans and newbies alike.” Senior Manager, DNV GL

“Great course! EUCI does a great job organizing and executing courses and conferences.” Sr. Contracts and Operation Manager, Nexant Inc

“All speakers were great and very knowledgeable!” Service Support Specialist, Doosan Fuel Cell America, Inc

“The panel discussions and final mock trading were very useful and informative.” Energy Market Analyst, Connecticut Municipal Electric Energy Coop

“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 REC Market is complex and anyone responsible for RECS or green energy pricing for their utility should attend this course. The course covered all-aspects of market dynamics. This class tripled my knowledge on the topic and was well worth it, not to mention the network of speakers that I know have a relationship with to ask questions.” Project Specialist, Cloverland Electric Cooperative

The surge of public demand for renewable energy solutions to address decarbonization 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 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 corporate 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 the impact of prospective carbon pricing schemes on REC markets and transactions


        Wednesday, July 27, 2022 : Central Time

        8:45 – 9:00 a.m.
        Log In and Welcome

        12:00 – 12:45 p.m.
        Lunch Break

        9:00 a.m. – 5:00 p.m.
        Course Timing


        9:00 – 9:15 a.m. :: Overview & Introductions

        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 / Texas
          • New Jersey / Maryland
        • 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

        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

        12:00 – 12:45 p.m. :: Lunch Break

        12:45 – 2:00 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

        2:00 – 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

        3:00 – 3:15 p.m. :: Afternoon Break

        3:15 – 5:00 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

        5:00 p.m. :: Course Adjourns for Day

        Thursday, July 28, 2022 : Central Time

        8:45 – 9:00 a.m.
        Log In

        9:00 a.m. – 12:15 p.m.
        Course Timing

        9:00 – 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

        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. 

        11:15 a.m. – 12:15 p.m. :: The Impact of Legislative, Tax & Policy Directives on REC Markets

        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

        12:15 p.m. :: Course Adjournment


        Impact of Clean Energy Policy & Carbon Pricing on Renewable Energy Markets

        Thursday, July 28, 2022 : 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.

        Learning Outcomes

        • Assess the current landscape of carbon pricing studies, efforts, and initiatives underway in North America
        • Identify the general framework of elements that carbon pricing measures need to address, if implemented
        • Examine what might work and what might not among carbon pricing measures in process
        • Evaluate the prospective impacts on slices of renewable energy markets if carbon pricing measures are enacted


        12:45 – 1:00 p.m.
        Log In

        1:00 – 4:45 p.m.
        Workshop Timing


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

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

        • PJM
        • NYISO
        • CAISO
        • 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

        • “Status quo” – state RPS and carve-out policies
        • Forward clean energy market (FCEM) design
        • Integrated clean capacity market (ICCM) design
        • Federally-imposed carbon price
        • Other

        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
        • Low Carbon Fuel Standard (LCFS)

        The Path Forward

        4:45 p.m. :: Workshop Adjournment


        Miguel Bantigue is Senior Director of Renewable Energy & Environmental Markets at Karbone Inc, a renewable energy financial services firm.  Since joining the firm in 2012, he covers REC and SREC markets across the US, working with large-scale energy companies, utilities, project developers, and financial firms.  Mr. Bantigue focuses on on spot and structured forward transactions in renewable energy credits (RECs), energy, carbon credits, capacity and other environmental commodities. In coordination with Karbone’s Research Desk he is involved in supply-demand fundamental analyses, regulatory tracking and price forecasting; and with Karbone’s Capital Advisory Desk he works to identify outlets of capital to enable clients to get their projects off the ground. Mr. Bantigue holds a Bachelor of Science in Finance with a Minor in Environmental Policy from Fordham University.

        Priya Barua is the Director of Market and Policy Innovation at the Clean Energy Buyers Alliance. She has expertise in emissions and attribute accounting, utility business models, regulatory frameworks, and corporate energy buying strategies. Prior to joining CEBA, she worked at the World Resources Institute where she helped establish WRIs work on green tariffs and fostered collaborations between utilities and large energy buyers in traditional, regulated markets, to develop innovative utility business models that support an efficient and economic transition to clean energy resources, including leading the Special Clean Power Council (CPC) for Utilities and Buyers. Prior to WRI, Ms. Barua worked at the World Bank on renewable energy and energy efficiency initiatives in India and Afghanistan. She also worked at ICF International, supporting the ENERGY STAR energy efficiency program, and at IHS Emerging Energy Research, producing solar market development reports on the Asia-Pacific region.  Ms. Barua holds a Master in Public Policy degree from the Harvard Kennedy School and a Bachelor of Arts degree from Brandeis University.

        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. 

        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. 

        Elysa Hammond is Executive Fellow of Regenerative Business & Climate Solutions at Clif Bar & Co, manufacturer of nutritious energy foods.  She has been with the company for more than two decades, moving up the organizational ranks from her initial role as an Ecologist, then Director and most recently as Vice President of Environmental Stewardship before assuming her current position in 2021.  In that role she oversees the agrivoltaic and other sustainability initiatives that the firm is known for.  Ms. Hammond earned a BS degree in Crop Science from Cal Poly San Luis Obispo, and two masters’ degrees from Yale University’s School of Forestry and Environmental Studies.

        Vidyu Kishor is a Vice President at Soltage. She has more than 5 years of experience in renewable energy finance and investments. Prior to joining Soltage, Ms. Kishor worked at the New York State Energy Research and Development Agency (NYSERDA) with the financial solutions team, where she developed strategies for launching a structured finance product in the energy efficiency market. She holds an MPA, with a focus in Energy Finance from Columbia University, and a B.A LLB from the National University of Juridical Sciences.

        Brian Megali is Director of Clean Energy Policy at Constellation. He has been working in the energy industry for 15 years, with much of that time focused on environmental markets, market design, market analysis, and renewable energy project development. At Exelon, Mr. Megali leads carbon policy advocacy at the RTOs and supports a variety of other initiatives at the federal, regional, and state level. He has an undergraduate degree in International Relations from Boston University and a master’s degree in International Relations and Economics from Johns Hopkins.

        Christie Prescott is Director of Wholesale Power Contracts at UIL Holdings Corp, where she focuses on the areas of renewable power and the environmental impacts of energy on electric markets.  Before joining the utility in 2019, she was Manager of Renewable Power Contracts at Eversource Energy.  There she was responsible for Renewable Power Strategy and Renewable Portfolio Standards throughout Connecticut, Massachusetts and New Hampshire, and developed corporate, legislative and regulatory positions as well as 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.  During her tenure dating from 2000, she held a number of other positions, including Manager of Environmental Compliance and Strategy and Manager of Meter Operations.  Ms. Prescott has held numerous positions on various industry committees including chair of CBIA’s Environmental Policy Council from 2004 – 2009.  She holds a Bachelor Degree in Environmental Geography and Biology from Central Connecticut State University, and a Master’s Degree in Environmental Policy from Rensselaer Polytechnic Institute.

        Marie Rinkoski serves as Senior Manager for Clean Energy Policy at Constellation, where she focuses on the intersection of modelling, analysis, and clean energy policy by leading modelling efforts in support of policy development at the state, ISO, and federal levels.  She has more than 15 years’ experience in the electric sector, holding prior positions as the market fundamentals regional specialist for WECC, ERCOT, and then PJM.  Ms. Rinkoski Marie her energy career at the US Energy Information Administration before moving to Constellation.  She earned undergraduate and master’s degrees in physics from Oberlin and Cornell, respectively. 

        Katie Siegner is a Senior Associate with RMI’s Carbon-Free Electricity practice, where she focuses on expanding market opportunities for distribution-scale renewables. She also supports eLab’s work to engage thought leaders and changemakers in events that foster innovation, collaboration, and transformative ideas to decarbonize the electricity system.  Prior to RMI, Ms Siegner completed a Master of Environmental Management (MEM) at the Yale School of Forestry & Environmental Studies. While at Yale, she studied clean energy policy, deployment, and finance, and interned for Ranger Power, a utility-scale solar developer.  Before returning to school for her Masters, she worked in Minneapolis at Climate Generation: A Will Steger Legacy.

        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 attendees for 7 days after the event


        Renewable Energy Credits (REC) Market Dynamics

        July 27-28, 2022 | Online
        Individual attendee(s) - $ 1295.00 each

        Volume pricing also available

        Individual attendee tickets can be mixed with ticket packs for complete flexibility

        Pack of 5 attendees - $ 5,180.00 (20% discount)
        Pack of 10 attendees - $ 9,065.00 (30% discount)
        Pack of 20 attendees - $ 15,540.00 (40% discount)


        Impact of Clean Energy Policy & Carbon Pricing on Renewable Energy Markets

        July 28
        Individual attendee(s) - $ 495.00 each
        - OR - I choose to attend remotely
        Individual remote connections(s) - $ 495.00 each

        Volume pricing available for remote connections

        Individual attendee tickets can be mixed with ticket packs for complete flexibility

        Pack of 5 attendees - $ 1980.00
        Pack of 10 attendees - $ 3465.00
        Pack of 20 attendees - $ 5940.00

        Your registration may be transferred to a member of your organization up to 24 hours in advance of the event. Cancellations must be received on or before June 24, 2022 in order to be refunded and will be subject to a US $195.00 processing fee per registrant. No refunds will be made after this date. Cancellations received after this date will create a credit of the tuition (less processing fee) good toward any other EUCI event. This credit will be good for six months from the cancellation date. In the event of non-attendance, all registration fees will be forfeited. In case of conference cancellation, EUCIs liability is limited to refund of the event registration fee only. For more information regarding administrative policies, such as complaints and refunds, please contact our offices at 303-770-8800



        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 1.0 CEUs for this course and 0.4 CEUs for the workshop.

        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.

        Upon successful completion of this event, program participants interested in receiving CPE credits will receive a certificate of completion.

        Course CPE Credits: 11.5
        Workshop CPE Credits: 4.0
        There is no prerequisite for this Course.
        Program field of study: Specialized Knowledge
        Program Level: Basic
        Delivery Method: Group Internet Based
        Advanced Preparation: None

        CpeEUCI is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site:


        Who Should Attend


        • Solar, wind and other renewable energy project developers
        • Merchant and independent power producers
        • Utilities, load serving entities, and asset owners
        • Investors in renewable energy projects
        • Project managers associated with renewable energy development
        • Tax and consulting firms associated with renewable energy development
        • Lenders and related financial groups associated with in renewable projects
        • Legal professionals associated with renewable energy development
        • Risk professionals associated with renewable energy development

        Staff Role

        • Procurement
        • Contract administration
        • Renewable energy planning
        • Integrated resource planning
        • (Resource) origination
        • Project management


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