Meanwhile, prices for Swedish renewable electricity certificates have slipped slightly down to around SEK190 (EUR 20.37).
Electricity retailers in Britain had until October1 to submit reports to energy regulator Ofgem showing compliance with the third Renewables Obligation period (CP3), which ran from April 1, 2004 to March 31, 2005. All licenced electricity suppliers are mandated to acquire 4.9% of their electricity sales over the period from renewable energy generators, or pay into a fund to buy-out of their obligation. The target equates to approximately 15.7 TWh, but just 10.8 million Renewable Obligation Certificates (ROCs), each representing 1 MWh of eligible generation, where issued to generators over the period. To show compliance, retailers must make statements to Ofgem on the number of ROCs they are submitting and/or their total buy-out payment, currently set at £31.39/MWh, for the proportion of the target they have not met. In December, the buy-out fund is recycled back to suppliers in proportion to their compliance with the obligation. Based on Ofgem data, the recycle payment for CP3 is anticipated to be around £14/ROC, making the theoretical value of a ROC around £45.50. The last traded price for CP3 ROCs was £43.75. The bid level for CP4 is down at around £38 due to buyers' expectation of a low recycle payment for this period.