Each year the SREC Delaware program is open for bids during a two-week procurement window. The SREC Delaware Program only accepts bid applications during this two-week window. During each procurement, participants submit bids for the price they would be willing to accept per SREC. At the end of the two-week window, the Program Administrator verifies that all bids are valid, and then accepts the lowest valid bids in each tier until the tier is full. Please see our About page for more information on the SREC Delaware Program.

The 2017 SREC Delaware Procurement was announced on April 28, 2017, and was open for bids from May 29, 2017, at 9:00 am EST to June 9, 2017, at 5:00 pm EST. The 2017 procurement consisted of seven tiers, four (4) for new systems and three (3) for existing systems.

Contract

• The 2017 SREC Delaware Procurement Program awarded 20-year contracts to successful bidders. During years 1-10, successful bidders will be paid at their bid price for SRECs transferred under the contract.
• During years 11-20, successful bidders in the following tiers: N-1, N-2, N-3, E-1, E-2 will be paid the administrative price of $35 for SRECs transferred under the contract.
• During years 11-20, successful bidders in the N-4 and E-3 tiers will be paid the lower of the bid price or the administrative price of $35 for SRECs transferred under the contract. 
• Successful bidders will be paid any applicable bonuses in addition to the bid price or administrative price.

Details

The 2017 SREC Delaware Procurement had seven tiers. Bids were automatically assigned to a tier based on the attributes of the facility. Delmarva Power intended to procure a minimum of 10,000 SRECs and a maximum of 20,000 SRECs through the 2017 procurement. The chart below describes the five tiers, and the maximum number of SRECs in each tier.

New Systems

(Systems with final interconnection approval after June 10, 2016)

Existing Systems

(Systems with final interconnection approval after before 10, 2016)

*The lowest priced bids from tiers N1, E1, and E2 will all compete for the same pool of 4,400 SRECs.

• Like the 2016 Program, Tiers N-1, E-1 and E-2 will be a combined pool. For the purposes of acquiring the first 10,000 SRECs, Tiers N-1, N-2, N-3, E-1, and E-2 will be competitively bid. Tiers N-4 and E-3 are excluded from the initial procurement. Once the first 10,000 SRECs from the protected tiers have been procured Delmarva Power may procure up to 10,000 additional SRECs through the procurement using the least expensive available SRECs from any tier (including N-4 and E-3).

• If any Tier within the first 10,000 SRECs is undersubscribed because of rejected bids (Delmarva exercises price discretion), bids from any Tier, except Tiers N-4 and E-3, can win those SRECs. If any Tier within the first 10,000 SRECs is undersubscribed because of insufficient bids, bids from any Tier can win those SRECs. Each winning bid will enter into a contract with a term of 20 years.

Changes from 2016 Procurement

1. The number of additional SRECs Delmarva may opt to buy through the procurement after the 10,000 allotted SRECs has increased from 6,000 SRECs to 10,000 SRECs.
2. Tiers N-4 and E-3 have been added to allow systems larger than 2 MW to bid into the procurement for the additional SRECs Delmarva may opt to buy.

Results

• The 2017 SREC Delaware Procurement Results were announced on July 12, 2017.
• Delmarva Power purchased 20,000 SRECs through the procurement. 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 procurement 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 procurement. The under-subscribed N-2 and N-3 tiers were filled with the lowest price available bids in the procurement , which came from N-4.

Documents & Resources

• Click here to view a recording of the instructional webinar.
• Click here to view the 2017 procurement filing.
• Click here to view the 2017 Transfer Agreement.

Other Procurements

Each procurement is unique. For information about other SREC Delaware Procurements, please click the year below:

| 2012 Pilot | 2013 | 2013 Spot Auction | 2014 | 2014 Spot Auction | 2015 | 2016 | 2017 |

| 2018 | 2019 | 2021 | 2022 | 2023 | 2024 | 2025 |