Renewable energy certificate trading from the Windicator

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Liquidity in the UK Renewables Obligation Certificates (ROCs) market has not changed with trades occurring approximately every couple if weeks. For the fourth compliance period (CP4), from April 1, 2005 to March 31, 2006, prices for non co-fired ROCs are still at £38.20 and interest in co-fired ROCs is more on a risk sharing basis, where price is expressed as a percentage of the buy out price and the recycle value. (Biomass fired together with fossil fuels, mainly coal, qualifies for a co-fired ROC.) Electricity retailers must hand in their CP4 compliance reports by the end of September, with the result that buyer interest is still not focused on CP5, starting April 1, and there is little interest in trading forward stand alone pure certificates. Energy regulator Ofgem's recently released third annual report indicates that ROCs in England were worth £45.05 and £51.38 in Scotland (EUR 65.28 and EUR 74.48) for the year ending March 31, 2005.

Prices for Swedish Elcerts have again slipped during the past quarter, with the last trade executed at SEK 177.50 (EUR 18.93). This is partly due to several aggressive sellers offering large volumes in the market. The current compliance period ended March 31 and most electricity suppliers have already filled their accounts.

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