*Since the date of this news item’s publication, the organization ‘The International REC Standard Foundation’ has changed to ‘The International Tracking Standard Foundation: Founder of I-REC (I-TRACK Foundation).’
In a press release on Monday, the 5th of September 2022, S&P Global Commodities Insights announced their first Platts I-REC(E) price assessment for Brazil, India, and Turkey. This is the first assessment of its kind that investigates the prices of I-RECs in different markets around the world that reflect real-world “renewable-origin power values as determined by buyers and sellers in the certificates market.”
The I-REC Standard provides reliable, robust, and transparent attribute tracking systems that operate in over 50 countries outside of the EU and the US. The I-REC(E) national markets that have developed over the years have seen incredible growth, with more than 128-TWh of issuance in 2022 year-to-date. The growth was market-wide and shows the increasing demand for well-defined, standardized, and robust attribute tracking certificates for electricity.
In their press release, S&P Global explains how the assessment provides an additional note of transparency to I-RECs found outside of the US and Europe while being comparable in price to those of the US and EU.
“As the energy transition progresses more energy consumers are looking to I-RECs to meet renewable energy goals or mandates, which in turn is creating a growing demand for assessment and transparency of these certificates globally,” said Alan Hayes, Head of Energy Transition Pricing for S&P Global Commodity Insights. “With our Platts Global I-REC assessments, market participants will now have pricing transparency within the key energy markets of Brazil, India, and Turkey.” I-RECs certificates are a way for consumers of electricity to have confidence that their power consumption comes from renewable sources. These assessments augment a suite of similar price references offered by S&P Global Commodity Insights for renewable energy certificates (RECs) in North America and Guarantees of Origin (GOs) in Europe. Brazil is the largest I-REC market in Latin America while Turkey and India represent two of the largest markets in Asia.”
For more information on the I-REC markets worldwide, please contact the I-REC Standard Foundations secretariat at secretariat@irecstandard.org.
To learn more about S&P Global Commodities Insights, visit here.