Conversion of Fixed REC Agreements to Index REC Pricing Structure
NYSERDA is soliciting interest from existing eligible RPS and RES Sellers (REC Counterparties) whose projects had not yet commenced commercial operation as of August 10, 2020. These REC Counterparties may participate in a conversion process to voluntarily modify their existing Tier 1 Renewable Energy Certificate (REC) agreements from a fixed as-bid REC price (Fixed REC) to a variable-priced Index REC pricing structure. This voluntary conversion is a one-time process and will not be re-offered in the future.
As directed by the Public Service Commission’s November 20, 2020 Order Authorizing Voluntary Modification of Certain Tier 1 Agreements, NYSERDA has issued Request for Interest (RFI) RESVCO2021, “Voluntary Conversion of Eligible New York Renewable Portfolio Standard (RPS) or Renewable Energy Standard (RES) Agreements,” including Appendices 1 and 2. REC Counterparties are encouraged to carefully review the RFI. Any questions may be referred to [email protected].
To participate, interested REC Counterparties must opt in by 3:00 p.m. (Eastern) on February 9, 2021, following the procedure described in the RFI. Opting in does not commit a REC Counterparty to converting its agreement.
Request for Interest RESVCO2021
- RFI RESVCO2021 - Voluntary Conversion of Eligible New York Renewable Portfolio Standard (RPS) or Renewable Energy Standard (RES) Agreements [PDF]
- Appendix 1 - Resource Assessment and Energy Production Estimate Requirements [PDF]
- Appendix 2 - Sample Amended RES Standard Form Agreement (based on RESRFP19-1 Agreement) [PDF]