First international renewable energy certificate prices launched


Energy and commodity price reporting agency, Argus, has launched price assessments for their international renewable energy certificate (I-REC) in the world’s third-largest market for the instrument – Türkiye. Traded over the counter, I-RECs are a tool increasingly used to document electricity consumption from renewable sources.

The new weekly Turkish I-REC prices are the first in a planned suite of global I-REC prices and enhance Argus’ pricing coverage of energy attribute certificates, which includes electricity Guarantees of Origin (GOOs) in the UK and continental Europe, and renewable gas, or biomethane, certificates. Argus also covers the US REC compliance markets.

The I-REC standard is acknowledged by reputable reporting bodies such as the RE100, Carbon Disclosure Platform, and Greenhouse Gas Protocol.

Argus Media chairman and chief executive, Adrian Binks, said: “Demand for energy attribute certificates is growing rapidly around the world as companies look to document higher shares of renewable energy throughout their product supply chain, including their scope 2 emissions reporting. The new Argus I-REC prices build out our global suite of energy attribute certificates and offer market participants new transparency as they embrace the energy transition.”

Argus’ renewable energy certificate prices have gained traction as industry benchmarks in recent years, and are generally used to price long-term power purchase agreements during contract negotiation, asset valuation, and risk management.

Türkiye is the third-largest market in the world for I-RECs, behind China and Brazil, and demand is rising. According to Argus, just over 128TWh of I-RECs were issued globally in January to July 2022, with redemptions at 62TWh. In 2021, global I-REC issuances totalled just over 71TWh, while 48TWh were redeemed. In Türkiye, the textile industry remains the largest user of Turkish I-RECs, with metals, automotive, and food companies taking a significant share.

Argus’ new I-REC assessments are priced in Turkish lira and US dollars to provide clarity for both local and international markets. Assessments cover I-RECs generated in the previous and current years from solar, hydropower, wind, and biomass-fired power plants in Türkiye.

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