In the US, new laws and targets for renewables in the New York, California and Pennsylvania-Jersey-Maryland (PJM) markets are expected to see renewed trading impetus. The PJM market was buoyed after Maryland's Renewable Portfolio Standard (RPS) was signed into law, requiring all state electricity retailers to source a percentage of sales from renewables -- and allowing use of RECs to meet the requirement. The law requires 7.5% renewables supply by 2019. New York now has the go-ahead for its RPS for 25% renewables by 2013 or 2015, although the rulemaking is still to be done. And in California the state's renewable goals are being accelerated to 20% by 2010, rather than by 2017.
In contrast to these regions, the New England market has slowed significantly. The Connecticut Department of Public Utility Control is conducting a debate to determine the eligibility of certificates imported from PJM and New York without the requirement to deliver the associated power. Buyers have become wary, with REC trade prices down to a low of $36.50/MWh and a high of $42.50/MWh.