FAQ Archives - March 2018 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-203:
There is no bid assurance collateral required for the March 2018 Auction. Does that mean that anyone can participate and that there are no penalties or sanctions for failing to abide by the certifications made by the Representative?
Applicants to participate in the SREC Auctions must first register for an online account to be used to submit their qualification materials. Participation in the SREC Auctions is intended to be open to all SREC market participants, including SREC traders, aggregators, as well as BGS Suppliers and third party suppliers that have an obligation to acquire SRECs for purposes of satisfying requirements such as those of the New Jersey Renewable Portfolio Standards. The SREC Auction Manager issues accounts to such entities or their agents.
Each applicant must fulfil the basic qualification standards provided in Article II in the SREC Auction Manual, including providing a valid Account Name with PJM-EIS GATS. While no bid assurance collateral is required for the upcoming Auction, the SREC Auction Manual specifies that the Auction Manager may require bid assurance collateral from some or all bidders and would announce that fact in the Addendum released prior to the Auction.
Bid assurance collateral has a benefit in terms of deterring auction participants from taking actions that contravene the process and it also has costs in terms of increasing the burden and transaction costs of applicants, potentially reducing participation. For the SREC Auction, the Representative of the bidder must make a number of representations each Auction, including certifying that the submission of any bid in any round of the Auction is a binding and irrevocable offer to purchase SRECs of the product(s) at the price of the round for the product(s). A bidder that fails to abide by the undertakings and certifications required for qualification is subject to sanctions or penalties, which are not limited to loss of bid assurance collateral, and which do include exclusion from participation in future Auctions.
03/19/2018 in Qualification
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FAQ-202:
Can bidders submit comments to the Master SREC Agreement?
There is a standard state-wide contract, the Master Solar Renewable Energy Certificates Agreements (“Master SREC Agreement”). The EDCs solicited comments from potential auction participants prior to finalizing the Master SREC Agreement. However, the EDCs are not accepting comments to the Master SREC Agreement at this time.Each bidder that has not submitted Master SREC Agreements in a previous Auction occurring April 2011 or later must submit each of the signature pages of the four (4) Master SREC Agreements, signifying the bidder’s agreement with the terms of the Master SREC Agreement.
03/19/2018 in Contract