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REC Index Pricing Structure and Calculations

Introduction

This page provides an overview of the REC Index pricing structure and inputs for calculations using data from the NYSERDA Agreement, NYISO, and NYGATS. 

Sample Calculations of Index Invoice

Calculation of Index Invoice for Reference 


Calculation of Capacity Accreditation Index Invoice for Reference


Calculation of Capacity Accreditation Index Invoice for RESRFP22-1 Projects for Reference

Part 1: Reference Energy Price for Zone

Click learn more... below to open and follow the steps to generate the Reference Energy Price for Zone report from NYISO. The Reference Energy Price is the simple average of the hourly zonal LBMPs for the applicable month.

Access the NYISO Custom Report (click) or enter the following URL in your browser: https://www.nyiso.com/custom-reports?report=dam_lbmp_zonal (also accessible by navigating to the NYISO homepage > Markets > Energy Market & Operational Data > Custom Reports).

Within the Custom Report page, select Day Ahead Market/LBMP and Zonal from the Select Report drop-downs.

Next, select the applicable zone(s) under the Choose Zone(s) section.

Under Choose Options:

  • Input Start  and End  dates for the month (ex. 01/01/2021 - 01/31/2021)
  • Select Latest  for  Version
  • Select  CSV (comma separated values) for Format

Then click the Generate Report button to generate a report.

Calculate the Reference Energy Price by averaging the hourly LBMPs from the generated report.

Part 2: Reference UCAP Price for Zone

Click learn more... to open and follow the steps to determine the Reference UCAP Price for Zone from NYISO. The NYSERDA Agreement will specify the Zone to be used.

Source: NYISO

Access the NYISO Spot Auction Summary (click) or enter the following URL into your browser: Installed Capacity - View Spot Auction Summary (nyiso.com) (also accessible by navigating to the NYISO homepage > Markets > Installed Capacity Data > Monthly Auction Summary).

Select the applicable Season and Auction month/Year from the drop-down, then click the Display button (e.g., for May 2022 Settlement, select Season: Summer 2022 and Auction Month/Year: May/2022).

The Reference UCAP Price is the P rice ($/kW-Month) for the applicable project location.

Table 1: NYSERDA Agreement Applicable Zone and NYISO Spot Auction Summary Results
NYSERDA Agreement Applicable ZoneNYISO Spot Summary Results for UCAP

Zone A-F

NYCA - The NYCA Auction Result is used for Zones A-F because this output is the Market Clearing Price for Rest of State (ROS). The last entry in the Auction Results (ROS Price Paid by Bidders) is the weighted average of ROS, HQ, IESO, NE, and PJM Market Clearing Prices. These definitions are stated in the ICAP Automated Market System User's Guide

Zone G-I

G-I Locality

Zone J

NYC

Part 3: Capacity Accreditation: CARC and CAF Values

Click learn more… below to open and follow the steps to determine the Capacity Accreditation Resource Class (CARC) and Capacity Accreditation Factors (CAF) from NYISO for the applicable Capability Year. NYISO will verify the CARC for each project.

Access the NYISO Capacity Accreditation website or enter the following URL in your browser: https://www.nyiso.com/accreditation

Select the Final CARCs and CAFs to view the Capacity Accreditation Resource Class (CARC) and Capacity Accreditation Factors (CAF) from NYISO for the applicable Capability Year.

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