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Unpacking New York's Indexed REC renewable procurement framework

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The New York State Department of Public Service (NYSDPS) has adopted the New York State Energy Research and Development Authority (NYSERDA)'s proposal to offer an indexed REC structure in addition to the current fixed REC structure for contracting with new renewable projects. The new framework is a significant improvement that decreases revenue risks, but some of its design choices may still have material impacts on bid decisions. Read this paper to discover:
  • How developers can minimize risks by adjusting their all-in strike price bids
  • Factors that must be considered by developers, such as nodal versus zonal LBMP basis, realized price versus reference price basis, and real-time LBMP versus day-ahead LBMP basis

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