Sale of Solar Renewable Energy Certificates (SRECs)

FAQ Archives - July 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-7:
Is NERA the Solicitation Manager for the SREC-Based Financing Program, the program by which NERA purchases SRECs?

NERA does not purchase SRECs. NERA was the Solicitation Manager for the SREC-Based Financing Program by which ACE, JCP&L and RECO contracted for the purchase of SRECs on a long-term basis. The SREC-Based Financing Program for which NERA was the Solicitation Manager has concluded. Please visit the web site for the New Jersey Board of Public Utilities for information regarding future solar programs that the New Jersey EDCs may be undertaking.

07/15/2013 in General
FAQ-6:
Is the bid assurance collateral refundable?

Yes. For winning bidders, any amounts provided as bid assurance collateral will be deducted from amounts due for purchased SRECs. For losing bidders, (or for winning bidders whose bid assurance collateral exceeds the amount owed for SRECs won) the Auction Manager returns the bid assurance collateral within ten (10) days of: (i) the date of completion of the Auction, or (ii) receiving return wire transfer instructions as well as a completed W-9 form, whichever occurs later.

Please note, however, that failure by a winning bidder to execute the necessary Confirmations or to provide pre-payment of the full amount of the entire purchase of SRECs will result in forfeiture of the bid assurance collateral and may result in other sanctions or penalties.
07/15/2013 in Qualification
FAQ-5:
Can I check the box on the Qualification Form indicating that “I have initiated the wire transfer for posting of bid assurance collateral” if the transfer has been initiated but the funds have not yet been sent?

The box next to "I have initiated the wire transfer for posting of bid assurance collateral" on the qualification form can be checked once a bidder initiates the process of sending in their bid assurance collateral via wire transfer. Please note, however, that a bidder’s qualification materials can only be complete once the Auction Manager actually receives the bid assurance collateral (and not when the process of sending the bid assurance collateral is initiated by the bidder).

07/15/2013 in Qualification
FAQ-4:
Is it possible to leave our bid assurance collateral with the Auction Manager for multiple auctions?

Section I.2.11 of the SREC Auction Manual states that the Auction Manager will return the bid assurance collateral to losing bidders (or to winning bidders whose bid assurance collateral exceeds the amount owed for SRECs won) within ten (10) days of: (i) the date of completion of the Auction, or (ii) receiving return wire transfer instructions as well as a completed W-9 form, whichever occurs later.

This policy cannot be changed at this time.

07/03/2013 in Qualification
FAQ-3:
Please confirm the date of the July SREC Auction, the SREC vintage(s) that will be sold at the Auction, and the date the qualification window for the Auction opens.

The date of the July SREC Auction is tentatively set to July 16. The qualification window for the July SREC Auction opened on June 18. In this upcoming auction, there will be available between 50,000 and 65,000 SRECs created in GATS as generation between June 1, 2012 and May 31, 2013.

07/03/2013 in General
FAQ-2:
For the July 2013 SREC Auction, can we use the same wiring instructions and W-9 form for posting our bid assurance collateral to the Auction Manager as we did for the May 2013 Auction?

Yes, the NERA account information and W-9 form necessary to post bid assurance collateral for the July 2013 SREC Auction is the same as for the May 2013 SREC Auction.

07/03/2013 in Qualification
FAQ-1:
Please describe the Auction Manager’s policy toward the public disclosure of bidder-specific information from the SREC Auction.

Bidder-specific information from the NJ SREC Auction is not released to the public by default. The only publicly available information from the SREC Auction is the total number of SRECs sold, their vintage, and their clearing price.

The "Consent Form for the Release of Bidder Information" is for bidders to provide their consent to the Auction Manager to release publicly information regarding their participation in the SREC Auctions if they so wish.

07/03/2013 in General