Sale of Solar Renewable Energy Certificates (SRECs)

FAQ Archives - March 2013 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-13:
Would it be possible for a qualified bidder to obtain the necessary bank and wiring information to set up the EDCs as counterparties in advance of the conclusion of the SREC Auction?

Unfortunately the EDCs will not release this information before the conclusion of the SREC Auction. The EDCs will provide the requested information as soon as practicable if you successfully buy SRECs in the March 2013 Auction.

In general, bidders in the SREC Auction do not choose from which EDC they purchase their SRECs. As a unique circumstance for the March 2013 Auction, only PSE&G is selling SRECs of the 2012 vintage. Thus, if you are a winner of the 2012 SREC product in the Auction, PSE&G will be the counterparty under the Master SREC Agreement. However, if you are a winner of the 2013 SREC product in the Auction, you could be purchasing from any one or several of the EDCs.

03/18/2013 in Contract
FAQ-12:
We found out about the SREC Auction after the Qualification Deadline had already passed. Is it still possible to participate?

No. The deadline to submit the online Qualification Form, Master SREC Agreement, and bid assurance collateral for the March 2013 Auction was Friday, March 8, 2013 at 12PM noon EPT. No new bidder qualification registrations are accepted after this time. If you wish, you can request to be sent registration materials for the next Auction, tentatively scheduled for May 2013, by sending an email to SREC-Auction@NERA.com.

03/18/2013 in Qualification
FAQ-11:
Please explain the process by which the partially executed Master SREC signature pages are countersigned by the EDCs and/or returned to the bidder.

The Master SREC Agreements submitted by a bidder are countersigned by an EDC if the bidder wins at the Auction and purchases SRECs from that EDC. The EDC would at that time return the fully executed Master SREC Agreement to the bidder.

The Auction Manager holds any partially executed Master SREC Agreements on behalf of the bidder so that the bidder will not be required to execute such Master SREC Agreements again if the bidder participates in a future auction. The bidder may request that the Auction Manager return any partially executed Master SREC Agreement once the auction process is complete (in which case the bidder would be required to submit the Master SREC Agreements in the next Auction in which it participates). Please see Article V. of the SREC Auction Manual for details of the Post-Auction Procedures.

03/18/2013 in Contract
FAQ-10:
Are there any limitations on participation by affiliated entities in the SREC Auction?

The SREC Auction Manual does not address the case of related entities or affiliates specifically. The Auction Manager would examine such situations on a case-by-case basis. Each bidder must represent that it is bidding independently and that it is not part of a bidding agreement, a joint venture for purposes of participating in the Auction, a bidding consortium, or any other type of bidding arrangement related to bidding in the Auction.

03/18/2013 in General
FAQ-9:
Please explain the difference between the Qualification Deadline and the Cure Deficiency Deadline.

The Qualification Deadline is Friday, March 8, 2013 at 12PM noon EPT. This is the deadline for the first submission of the online qualification form, representations, bid assurance collateral, and all other required materials.

The Cure Deficiency Deadline is 6PM EPT on Thursday, March 14, 2013. This deadline is for bidders that have submitted their qualification materials by the Qualification Deadline but these materials were assessed to be deficient or to require clarification by the Auction Manager. We expect bidders to respond to deficiency notices well in advance of the Cure Deficiency Deadline in case deficiencies remain that require additional time to cure. A bidder that does not cure all deficiencies in its qualification materials by the Cure Deficiency Deadline may fail to qualify and be unable to submit bids in the Auction.

03/18/2013 in Qualification
FAQ-8:
Please explain the requirements and process for posting bid assurance collateral.

The information regarding bid assurance collateral is provided each Auction in the Addendum to the SREC Auction Manual. For the March 2013 Auction the amount of bid assurance collateral required is $1/SREC for the maximum that the bidder intends to bid in the first round of the Auction across both products up to a maximum of $5,000. A bidder that submits bid assurance collateral of the maximum amount will receive initial eligibility sufficient to bid on all available SRECs in the Auction.

Bidders must provide their cash bid assurance collateral by wire transfer in accordance with the instructions provided with their login credentials for the online qualification form. A W-9 for NERA can be obtained upon request to SREC-Auction@nera.com.

03/18/2013 in Qualification
FAQ-7:
When was information pertaining to the March 2013 SREC Auction posted? Also, when was the bidder qualification process open to registrants?

The SREC Auction Manual and SREC Auction Manual Addendum were posted to the Auction website on March 1, 2013. The online qualification form was also made available to registrants at that time. Please note that the SREC Auction Manual was updated on March 3, 2013.

03/18/2013 in General
FAQ-6:
When are results of a completed SREC auction posted?

The Auction Manager typically announces and posts the results of an SREC Auction within one business day of the conclusion of the auction.

03/18/2013 in General
FAQ-5:
Would it be possible to obtain historical bidding and pricing data from the SREC Auctions for academic research?

The Auction Manager has posted to the SREC Auction website all publicly available information pertaining to prior SREC Auction results. All other information is confidential.

03/18/2013 in General
FAQ-4:
When will details about the March 2013 SREC auction be released?

Details regarding the auction, including qualification materials, were provided on March 1, 2013.

03/06/2013 in General
FAQ-3:
Please confirm whether the March 19, 2013 auction will replace, or be in addition to, one of the quarterly auctions.

The Auction Manager provided a tentative schedule for the next two auctions in 2013 (expected May 16, 2013 and July 16, 2013) in the Addendum to the SREC Auction Manual posted March 1, 2013. The EDCs expect to conduct up to six (6) auctions during the twelve (12) month period starting with March 2013.

03/06/2013 in General
FAQ-2:
Can you please add our company to the distribution list for auction information and notices?

We have added your email address to our registrants list. You will receive email notifications regarding auction news, events and deadlines. All interested parties may register by filling out their information using the “Register” link on the “Contact Us” tab of our web site:

http://www.solarrec-auction.com/index.cfm?s=contactUs&p=register
03/06/2013 in General
FAQ-1:
When will the next SREC auction be held, and when will information about this auction be released?

The four New Jersey Electric Distribution Companies (“EDCs”): Atlantic City Electric Company (“ACE”), Jersey Central Power & Light Company (“JCP&L”), Public Service Electric and Gas Company (“PSE&G”), and Rockland Electric Company (“RECO”) expect to hold an auction to sell Solar Renewable Energy Certificates (“SRECs”) on Tuesday, March 19, 2013. Additional details regarding the auction will be provided by March 1, 2013.

03/06/2013 in General