2011 SRECs Utility Compliance Deadline Extended
October 3, 2011
The New Jersey Board of Public Utilities recently approved a 60-day extension of the compliance period for Energy Year 2011, changing the deadline from October 1, 2011 to December 1, 2011. The deadline is the date by which electric power suppliers and basic generation service providers (the “utilities”) must report their compliance with New Jersey’s Renewable Energy Portfolio Standard. In other words, it is the date by which the utilities must either retire their Solar Renewable Energy Credits (“SRECs”) or pay the Solar Alternative Compliance Payment (“SACP”).
What does this mean for you? Any holder of eligible 2011 SRECs now has until December 1, 2011 to sell the SRECs at a price in excess of $600. Only SRECs generated on or before May 31, 2011 may be sold as Energy Year 2011 SRECs. In the event that the holder of a 2011 SREC does not sell prior to December 1, 2011, the SREC will have to be sold as a 2012 or 2013 SREC at what may be a significantly lower price.
For more information, please contact:
Keith E. Morris
Phone (973) 530-2107