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Clean Energy Markets & RECs Symposium 2019

Renewable Energy Credits (RECs), Market Dynamics & Trading

June 5-6, 2019 | Providence,RI ::

0619-renewable-energy-credits

This symposium will evaluate renewable energy markets, diving into the dynamics of both voluntary and compliance markets and how they are formed through regulation, policy and evolving consumer awareness and demand.   It will review the function of Renewable Energy Credits (RECs) and their essential role in renewable energy developments and financial transactions, providing a current and in-depth understanding of REC market forces, dynamics and trading instruments.   Various renewable market experts will describe active and emerging REC markets in the U.S., analyzing key financial and contractual considerations.  This program will also provide detailed information on growing voluntary renewable and renewable markets across the U.S., describing trends and dynamics in regulated and retail utility markets, utility green pricing programs, and covering trends such as corporate renewable procurement and the inclusion of RECs in bundled power purchase agreements (PPAs).  There will be a discussion on typical processes for REC verification, certification, system administration, and appropriate financial structuring to achieve their optimum transactional value.  In addition to the traditional classroom setting education, attendees will also benefit from an interactive “REC trading” exercise to gain hands-on experience in the commodity marketplace.

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Learning Outcomes

• Review the history of Renewable Energy Credit (REC) markets
• Evaluate REC markets on a national, regional and state perspective
• Discuss fundamentals of registering, selling, settling and tracking RECs
• Review best practices for managing REC tracking systems and functional activities on the administrative level
• Describe active and emerging REC markets from emerging state clean energy legislation
• Evaluate potential impacts to REC markets from changing regulation and policy
• Discuss the status and key trends with voluntary REC markets
  • Utility REC/green pricing programs
  • Commercial and residential buyers
  • Verification, certification and purchasing processes
• Examine REC market dynamics, transaction and trading fundamentals
• Analyze historical REC pricing information, market liquidity, and causes for market fluctuations
• Discuss best practices for REC compliance in New England markets for state RPS goals
• Identify types of transactions, contract options and processes to piece together a successful financial package

Credits

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 0.9 CEUs for this event.

 

Requirements for Successful Completion of Program

Participants must sign 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.

Wednesday, June 5, 2019

8:00 — 8:30 a.m. :: Registration and Continental Breakfast

8:30 – 10:00 a.m. :: Introduction to Renewable Energy Markets & Renewable Energy Credit (REC) Market Dynamics

• Background and history of renewable energy credits (RECS)
• Structure of RECs from a legal and regulatory standpoint
  • Renewable portfolio standard (RPS) programs
  • National perspective
  • Regional perspective
• States covered with RPS programs
• How are RECs created and transferred?
• REC procurement and sale
• Regulatory/legislative issues
• Update on regional REC market activity
  • New England Renewable Energy Credits (RECs) overview
  • New Jersey
• 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 market
• Identify the function of alternative compliance payment mechanism

Katherine Wilson, Senior Energy Analyst, Eversource Energy

Jack Velasquez, Senior Vice President – Environmental Markets, Marex Spectron

10:00 – 10:15 a.m. :: Morning Break

10:15 – 11:45 a.m. :: Overview 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

Benjamin Gerber, Executive Director, Midwest Renewable Energy Tracking System (M-RETS)

Sean Darling, Technical Program Manager, Midwest Renewable Energy Tracking System (M-RETS)

11:45 a.m.  – 12:45 p.m. :: Group Luncheon

12:45 – 2:15 p.m. :: New England State Policy & Compliance Update: RPS, RECs, State Mandated Procurements

The New England Power Pool Generation Information System (NEPOOL GIS) issues and tracks REC certificates for all MWh of generation and load produced in the ISO New England control area, as well as imported MWh from adjacent control areas. This session will feature presentations from participating states in NEPOOL GIS re: the history of their states’ renewable portfolio standard (RPS), discussing how RPS works in their states, qualifying resources, and an overview of the application, tracking, and certification management processes.   Speakers will then participate in a panel discussion to discuss regional nuances of New England REC markets, tips for compliance, and evaluate the impacts of new and evolving policies on state RPS and REC markets.

• Regulation, compliance and policy in
• Overview: The New England Power Pool Generation Information System (NEPOOL GIS)
• What qualifies for a “renewable energy credit” and “clean energy credit” in NEPOOL states?
• Regulation, compliance and policy in NEPOOL GIS
• Applying, tracking and certification management processes
• Evaluating impacts of new clean energy policies and state mandated procurements in addition to RPS
  • SMART program -another 1500 MW of solar
  • Offshore wind
  • RGGI getting stronger
  • New York – “Zero Emission Credit”
  • Impacts on state RPS and REC markets

Christopher Kearns, Chief -Program Development, Rhode Island Office of Energy Resources

Michael Judge, Director, Renewable and Alternative Energy Division, Massachusetts Department of Energy Resources (invited)

2:15 – 2:30 p.m. :: Afternoon Break

2:30 – 3:30 p.m. :: Voluntary Renewable Energy Credit (REC) & Green Power Markets

• 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

Pat Brewer, Analyst, Center for Resource Solutions (CRS)

3:30 – 4:30 p.m. :: Corporate Procurement: Voluntary Market Trends & Transactions for Corporate Renewable 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. 

Joshua Belcher, Counsel, Eversheds Sutherland

Supria Ranade, Director – Business Development, Lightsource BP

4:30 – 5:15 p.m. :: REC Transactions & Trading Fundamentals

• 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

Jack Velasquez, Senior Vice President – Environmental Markets, Marex Spectron

Patrick McFadden, Environmental Products Broker, Marex Spectron

Thursday, June 6, 2019

8:00 — 8:30 a.m. :: Continental Breakfast

8:30 – 10:00 a.m. :: Mock REC Trading Exercise

• Role-play as a REC market buyer (seller, buyer, trader)
• Market dynamic exercises with mock injections of market forces
• Practice buying, selling and trading

Jack Velasquez, Senior Vice President – Environmental Markets, Marex Spectron

Patrick McFadden, Environmental Products Broker, Marex Spectron

10:00 – 10:15 a.m. :: Morning Break

10:15 – 11:45 a.m. :: REC Project Finance & Contract Options

• 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

James Duffy, Partner, Nixon Peabody LLP

Tony Grappone, Partner, Novogradac & Company LLC

Bethany Bartlett, Partner, Sherin and Lodgen LLP

Andrew Bernstein, Managing Partner, Kearsarge Energy LP

Joshua Belcher, Counsel, Eversheds Sutherland

Pat Brewer, Analyst, Center for Resource Solutions (CRS)

Sean Darling, Technical Program Manager, Midwest Renewable Energy Tracking System (M-RETS)

James Duffy, Partner, Nixon Peabody LLP

Benjamin Gerber, Executive Director, Midwest Renewable Energy Tracking System (M-RETS)

Tony Grappone, Partner, Novogradac & Company LLC

Michael Judge, Director, Renewable and Alternative Energy Division, Massachusetts Department of Energy Resources (invited)

Christopher Kearns, Chief -Program Development, Rhode Island Office of Energy Resources

Patrick McFadden, Environmental Products Broker, Marex Spectron

Supria Ranade, Director – Business Development, Lightsource BP

Jack Velasquez, Senior Vice President – Environmental Markets, Marex Spectron

Katherine Wilson, Senior Energy Analyst, Eversource Energy

REGISTER NOW FOR THIS EVENT:

Clean Energy Markets & RECs Symposium 2019

June 5-6, 2019 | Providence,RI