SREC Delaware Procurement
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.
2014 SREC Procurement
The 2014 SREC Delaware Procurement was announced on April 16, 2014, and was open for bids from May 5, 2014, at 9:00 am EST to May 23, 2014, at 5:00 pm EST. The 2014 procurement consisted of five tiers, three (3) for new systems and one (2) for existing systems.
Contract
The 2014 SREC Delaware Procurement Program awarded 20-year contracts to successful bidders. During years 1-7, successful bidders will be paid at their procurement price for SRECs transferred under the contract. During years 8-20, 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 2014 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 8,000 SRECs through the 2014 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 April 12th, 2013)
| Tier | Tier Description | Maximum SRECs in Tier |
|---|---|---|
| N-1 | Less than or equal to 30 kW | 3,800 in Pool* |
| N-2 | Greater than 30 kW but less than or equal to 200 kW | 1,600 |
| N -3 | Greater than 200 kW but less than or equal to 2 MW | 1, 600 |
Existing Systems
(Systems with final interconnection approval before April 12th, 2013)
| Tier | Tier Description | Maximum SRECs in Tier |
|---|---|---|
| E-1 | Less than or equal to 30 kW | 3,800 in Pool* |
| E-2 | Greater than 30 kW but less than or equal to 200 kW | 3,800 in Pool* |
*The lowest priced bids from tiers N1, E1, and E2 will all compete for the same pool of 3,800 SRECs.
- Delmarva Power may procure a portion of its requirement, approximately 1,000 SRECs, through the spot market.
- All Tiers will be competitively bid. Each winning bid will enter into a contract with a term of 20 years.
Changes from 2013 Procurement
- Tiers N1, E1, and E2 will all compete for the same pool of 3,800 SRECs. Bidders will still enter only one bid for each system based on the system’s size and status. The lowest price from all three of these tiers will be used to fill the 3,800 SREC allocation.
- The price per SREC for years 8-20 of the contract has been changed to $35/SREC.
- The bid tie procedure has been changed to first consider all systems with both Delaware labor & equipment, before entering the 5 day rebid period.
Results
The 2014 SREC Delaware Procurement Results were announced on May 28, 2014. The high, low, and weighted average by tier was:
| N1/E1/E2 | N2 | N3 | Overall | |
|---|---|---|---|---|
| High | $300.00 | $141.23 | $98.73 | $300.00 |
| Low | $0.00 | $34.46 | $98.73 | $0.00 |
| Weighted Average | $53.44 | $88.84 | $98.73 | $71.37 |
Documents & Resources
- Click here to view a recording of the instructional webinar.
- Click here to view the presentation used during the 2014 webinar.
- Click here to view the 2014 procurement filing.
- Click here to view the 2014 Transfer Agreement.
Other Procurements
Each procurement is unique. For information about other SREC Delaware Procurements, please click the year below: