SREC Delaware Procurements

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.

2016 SREC Procurement

The 2016 SREC Delaware Procurement was announced on May 9, 2016, and was open for bids from May 31, 2016, at 9:00 am EST to June 10, 2016, at 5:00 pm EST. The 2016 procurement consisted of five tiers, three (3) for new systems and two (2) for existing systems.

Contract

The 2016 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 will be paid 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 2016 Procurement had five tiers, three for new systems and two for existing systems. Bids were automatically assigned to a tier based on the attributes of the facility. Delmarva Power intended to procure a minimum of 9,000 SRECs and a maximum of 15,000 SRECs through the 2016 procurement.

New Systems

(Systems with final interconnection approval after April 13, 2015)

Tier	Tier Description	Maximum SRECs in Tier
N-1	Less than or equal to 25 kW	4,400 in Pool*
N-2	Greater than 25 kW but less than or equal to 200 kW	2,300
N-3	Greater than 200 kW but less than or equal to 2 MW	2,300

Existing Systems

(Systems with final interconnection approval before April 13, 2015)

Tier	Tier Description	Maximum SRECs in Tier
E-1	Less than or equal to 25 kW	4,400 in Pool*
E2	Greater than 25 kW but less than or equal to 2 MW	4,400 in Pool*

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

Upon fulfillment of the 9,000 SRECs in these tiers, Delmarva Power may procure up to 6,000 more SRECs through the auction, regardless of tier, using the least expensive from New or Existing Systems.
All Tiers will be competitively bid. Each winning bid will enter into a contract with a term of 20 years.

Changes from 2015 Procurement

The number of additional SRECs Delmarva may opt to buy through the auction after the 9,000 allotted SRECs has increased from 3,000 SRECs to 6,000 SRECs.
The breakpoint between tiers E-1 and E-2 and between tiers N-1 and N-2 has decreased from 30 kW to 25 kW.

Results

The 2016 SREC Delaware Procurement Results were announced on June 22, 2016.
Delmarva exercised their discretion to purchase all SRECs below $100 in the combined N1, E1, and E2 tiers due to an under subscription of that tier. The remainder of the N1, E1, and E2 tier was filled with lower priced N3 bids. All other tiers were oversubscribed. Delmarva also exercised their option to purchase all SRECs priced below $95 from the oversubscribed tiers, purchasing an additional 2446 SRECs above the original 9000 SRECs, for a total of 11446 SRECs.
The high, low, and weighted average by tier was:

	N1/E1/E2	N2	N3	N1/E1/E/2 Plus N3 to Fill Tier	Additional SRECs Purchased by DPL	Overall Procurement
High	$99.99	$95.48	$50.00	$99.99	$78.98	$99.99
Low	$25.00	$49.00	$29.98	$25.00	$73.80	$25.00
Weighted Average	$79.26	$77.34	$38.39	$69.34	$77.93	$66.56

Documents & Resources

Click here to view a recording of the instructional webinar that took place on May 25, 2016.
Click here to view the 2016 procurement filing.
Click here to view the 2016 Transfer Agreement.

Other Procurements

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