FAQ Archives - January 2010 Auction
The FAQs on this page are no longer relevant, as they are from past auctions. These FAQs are posted here only for reference purposes. Do not rely on the information provided on this page for the current auction.-
FAQ-19:
What, if any, broker and/or transaction fees will a winning bidder in the SREC Auction be responsible for?
There are no broker fees imposed by PSE&G or the Auction Manager on participants in the SREC auction. Buyers are responsible for any charges imposed by PJM-GATS related to buyers' own accounts.
01/28/2010 in General , Contract
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FAQ-18:
If a bidder wins SRECs in the Auction, is it possible to send payment for the amount owed under the contract and then request that the entire bid assurance collateral be returned rather than send payment for the SRECs net of the bid assurance collateral?
The Bidder Manual for this January 2010 Auction states that the winning bidder will prepay PSE&G for all SRECs purchased at the final Auction price, net of the bid assurance collateral posted by the winning bidder with the Auction Manager. The Bidder Manual does not contemplate an alternative method of payment for this Auction.The Auction Manager and PSE&G will give full consideration to including the option for future auctions of the bidder paying in full and getting a reimbursement for the bid assurance collateral.
01/27/2010 in General , Contract
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FAQ-17:
Could the number of SREC blocks available decrease during the Auction? If so, when?
No, the number of SREC blocks available cannot decrease during the Auction.
01/27/2010 in General
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FAQ-16:
When will SRECs be delivered to the winning bidder's GATS account?
Under the terms of the Master SREC Agreement, the SRECs are delivered no later than two business days after PSE&G receives pre-payment, which occurs within five business days of the close of the Auction. Please see the definitions of Delivery Date, Trade Date, and Payment Date in the Master SREC Agreement. Please also see Article V of the Bidder Manual for a detailed timeline of post-Auction procedures.
01/27/2010 in Contract
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FAQ-15:
How many blocks will be available during the Jan 2010 auction? Is there a "cap" on how many blocks any one participant can bid on?
There are 56 blocks available for the January 2010 Auction. Each Block has 50 SRECs. There is no "cap" or maximum on the number of blocks that a participant may bid and win in the Auction.
01/27/2010 in General
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FAQ-14:
In what states are the SRECs sold in the Auctions eligible for compliance?
All SRECs in the January 2010 Auction have been generated in the state of New Jersey between June 1, 2009 and November 30, 2009. They are eligible for compliance with the New Jersey Renewable Portfolio Standards ("RPS") for the Reporting Years 2010 and 2011. A Reporting Year begins on June 1 of the preceding year and ends on May 31 of that year.
01/27/2010 in General
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FAQ-13:
Does the SREC Auction allow bidders to purchase SRECs on a long-term basis, or must the bidder take possession immediately of all SRECs it wins at the Auction?
The SREC Auction is solely for the purchase of SRECs already received by PSE&G under its Solar Loan Programs. No opportunity to purchase on a long term basis is contemplated by the process. In its Qualification Form, a bidder must certify that it will pre-pay the full amount to purchase the number of SRECs won at the final Auction price within five (5) business days of the close of the Auction.
12/17/2009 in General
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FAQ-12:
Is the Master Solar REC Agreement negotiable?
All prospective bidders had an opportunity to comment on the Draft Master Solar REC Agreement posted on September 1, 2009. The deadline to comment was extended to October 12 at the request of prospective bidders. The final document incorporates comments by interested parties. The posted Master Solar REC Agreement is final and is to be used by all successful bidders in the Auction.
12/17/2009 in Contract
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FAQ-11:
Can anything other than cash be posted as pre-bid collateral, such as RECs?
To participate in the Auction, a prospective bidder must meet basic qualification standards, agree to a standard contract with PSE&G, and provide bid assurance collateral in cash.
12/17/2009 in General , Bidding Procedures
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FAQ-10:
For what reporting years will the SRECs available in the January 2010 Auction be eligible for RPS compliance?
For this first Auction in January 2010, all SRECs will have been generated between June 1, 2009 and November 30, 2009. These SRECs are eligible for RPS compliance for Reporting Year 2010 and Reporting Year 2011. Reporting Year 2010 is the 12-month period beginning on June 1, 2009 and ending on May 31, 2010. Reporting Year 2011 is the 12-month period beginning on June 1, 2010 and ending on May 31, 2011.
12/17/2009 in General
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FAQ-9:
Is the Release of Bidder Information Form required?
The Release of Bidder Information Form is optional. If a bidder does not complete and deliver the form to the Auction Manager, no information about its participation in the SREC Auction will be released.
12/17/2009 in General
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FAQ-8:
Have you posted the PowerPoint presentation used in the September 24th bidder conference call?
The PowerPoint presentation used in the September 24th bidder conference call is posted to the web site. You can find it here, under the heading "Bidder Conference Call".
10/12/2009 in General
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FAQ-7:
How should we submit our requested amendments to the Master Solar REC General Terms and Conditions Agreement? Is a hard copy necessary?
Please submit you comments via e-mail to AM@SolarREC-auction.com. No additional submission in hard copy is necessary.The deadline for comments was extended to October 12, 2009 . More details on the process for comment submission can be found here.
10/12/2009 in Contract
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FAQ-6:
We would like to provide comments on the Master Solar REC General Terms and Conditions Agreement (“Master SREC Agreement”) but we are unable to do so by the October 1 deadline. Will the Auction Manager consider providing more time for the submission of comments?
At the request of potential bidders, the deadline to submit comments on the Master SREC Agreement has been extended to Monday October 12 at noon Eastern Prevailing Time (“EPT”). More details on the process for comment submission can be found here.
10/07/2009 in Contract
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FAQ-5:
Where do we send our requested contract amendments? Do you require a hard copy?
Comments must be submitted via e-mail to AM@solarrec-auction.com. No additional submission in hard copy is necessary. The Auction Manager requests that comments be submitted as a Word document with tracked changes.
10/07/2009 in Contract
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FAQ-4:
When is the bid assurance collateral returned to a losing bidder?
The Auction Manager will return to each losing bidder its bid assurance collateral within five (5) days of receiving from the losing bidder wire transfer instructions as well as a complete W-9 form.
10/07/2009 in General , Bidding Procedures
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FAQ-3:
How much bid assurance collateral must be posted with the Auction Manager to support our bid for SRECs?
Each bidder must provide, in cash, bid assurance collateral of $25/SREC (or $1,250 per block of 50 SRECs) for the maximum that the bidder intends to bid in round 1 of the Auction. The amount of the bid assurance collateral divided by $25 is the bidder’s “initial eligibility”. In the Auction, a bidder will never be able to bid on a number of blocks greater than the bidder’s initial eligibility.
10/07/2009 in General , Bidding Procedures
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FAQ-2:
What happens if at the round 1 price there are fewer blocks bid than are available?
If there are fewer blocks bid in round 1 than there are available, the auction ends in round 1. The bidders that submitted a bid in round 1 win the number of SRECs bid at the starting price (the going price in round 1). The SRECs that are unsold in the auction will be distributed across remaining auction(s) in a Reporting Year at the discretion of the Auction Manager, depending upon factors such as the total unsold SRECs and the level of interest in the auction(s).
09/28/2009 in Bidding Procedures
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FAQ-1:
What information will be made public after the Auction?
The SREC Auction will be conducted in accordance with the Board Order and Stipulation in the proceeding. The Board Order of November 7, 2008 states that: "After each auction, the web site will also post information about the price and quantity of SRECs sold at that auction. Additional information, for example regarding the amount purchased by specific bidders, would also be released upon receiving consent from the bidders."We will post shortly to our web site a consent form that a bidder can use to authorize the Auction Manager to release additional information, including 1) the fact that the bidder participated in the Auction; 2) the fact that a bidder is a winning bidder at the Auction; and 3) the number of SRECs won by a winning bidder.
09/28/2009 in General