S&P Global Commodity Insights today announced an independent suite of price assessments for International Renewable Energy Certificates (I-RECs) in Brazil, India, and Turkey as market participants and energy consumers seek transparency in the global market for valuing renewable-origin power generation.
“As the energy transition progresses more energy consumers are looking to I-RECs to meet renewable energy goals or mandates, which in turn is creating a growing demand for assessment and transparency of these certificates globally,” said Alan Hayes, Head of Energy Transition Pricing for S&P Global Commodity Insights. “With our Platts Global I-REC assessments market participants will now have pricing transparency within the key energy markets of Brazil, India, and Turkey.”
I-RECs certificates are a way for consumers of electricity to have confidence that their power consumption comes from renewable sources. These assessments augment a suite of similar price references offered by S&P Global Commodity Insights for renewable energy certificates (RECs) in North America and Guarantees of Origin (GOs) in Europe. Brazil is the largest I-REC market in Latin America while Turkey and India represent two of the largest markets in Asia.
“The global nature of the energy transition makes extension of such assessments crucial for the progress of the renewable energy markets,” Hayes said. “We will continue to innovate and expand in the space to meet client needs as the marketplace evolves and grows over time.”
The Platts Global I-REC price assessments reflect end-of-day renewable-origin power values as determined by buyers and sellers in the spot certificates market. The assessments will be expressed in a variety of currencies per megawatt hour (MWh).
Platts I-REC assessments cover the leading renewables technologies of hydro, solar, wind and biomass generation. The vintages assessed cover the most liquid vintages of the previous year and the current year. For example, in calendar year 2022, the I-RECs vintages assessed will be 2021 and 2022.
I-RECs price assessments can be found in MegaWatt Daily and European Power Daily publications, as well as on Platts Energy Transition Alert and Platts Dimensions Pro platform.