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Renewable Energy Certificate Contracts on Nodal Exchange

Learn more about trading Renewable Energy Certificate futures and options on Nodal Exchange.

REC CONTRACTS ON NODAL EXCHANGE

Renewable Energy Certificate (REC) markets operate across North America in state and regional programs, as compliance or voluntary markets. IncubEx and Nodal Exchange have collaborated to offer the broadest set of REC products across major registries including:

Compliance REC RegistriesVoluntary REC Registries
PJMERCOT (Texas)
NEPOOLM-RETS
NY-GATS (New York)NAR
WREGIS

Contract Overviews

REC Futures

  • Physically delivered contracts, from defined REC registries
  • Contract size: Varies from 10 to 1,000 RECs
  • Priced in U.S. dollars per REC
  • Minimum tick size: $0.001 to $0.01
  • Last Trading Day: Three Business Days, prior to the last business day of the delivery month
  • Physical Delivery: Last Business Day of the contract month

 

REC Options

  • Options on Futures
  • European style (exercise only at expiry)
  • Futures Style Margining
  • Lot size: 1 lot of underlying contract
  • Priced in US dollars
  • Minimum tick size: $0.001
  • Strike Price Intervals:
    • $0.05 for TX
    • $0.05 for PJM Tri-Qualified
    • $1.00 for NJ Solar
    • $5.00 for MA
  • Solar and $0.25 for all others
  • Last Trading Day: 4:00 pm EPT on the 15th calendar day of the delivery month
  • Exercise: Automatic on last trading day, unless exchange is notified to allow in-the-money options to expire without exercise or to exercise expiring out-of-the-money options.

Renewable Energy Certificates

REGISTRIES

The products highlighted in green are only available on Nodal Exchange.
All tick sizes for environmental contracts for REC futures are $0.01 and for REC options are $0.001

PRODUCTFUTURES
VINTAGES		OPTIONS
VINTAGES		CONTRACT
CODE		CONTRACT
SIZE		STRIKE
INTERVAL		PRODUCT
SPECS
ERCOT RECs from CRS-Listedâ„¢ Wind Energy Facilities Reporting Year2024-2030TRH, TRI, TRJ, TRK, TRL, TRM, TRN1,000 RECsFutures
ERCOT Registered RECs from Wind Energy Facilities2023-2035MKG, MKH, MKI, MKJ, MKL, MKN, MKO, MKP, MKQ, MKR, MKS, MKT, MKU1,000 RECsFutures
Texas Compliance RECs2023-20302023-2030TXG, TXH, TXI, TXJ, TXK, TXL, TXM, TXN100 RECs$0.05Futures
Options
Texas Wind RECs from CRS Listed™ Facilities – Vintage Specific Back Half2021-20352021-2033TBE, TBF, TBG, TBH, TBI, TBJ, TBK, TBL, TBM, TBN,TBO, TBP, TBQ, TBR, TBS1,000 RECs$0.05Futures
Options
Texas Wind RECs from CRS Listed™ Facilities – Vintage Specific Front Half2021-20352021-2033TFE, TFF, TFG, TFH, TFI, TFJ, TFK, TFL, TFM, TFN,TFO, TFP, TFQ, TFR, TFS1,000 RECs$0.05Futures
Options
Texas Compliance Solar RECs from CRS Listed™ Facilities – Vintage Specific Back Half2021-20352021-2030TTB, TTC, TTD, TTE, TTF, TTG, TTH, TTI, TTJ, TTK, TTL, TTM TTN, TTO TTP1,000 RECs & 1,000 CPs$0.05Futures
Options
Texas Compliance Solar RECs from CRS Listed™ Facilities – Vintage Specific Front Half2021-20352021-2030TSB, TSC, TSD, TSE, TSF, TSG, TSH, TSI, TSJ, TSK, TSL, TSM, TSN, TSO, TSP1,000 RECs & 1,000 CPs$0.05Futures
Options
National RECs from CRS Listedâ„¢ Wind Energy Facilities Back Half2022-2035NDF, NDG, NDH, NDI, NDJ, NDK, NDL, NDM, NDN, NDO, NDP, NDQ, NDR, NDS1,000 RECsFutures
National RECs from CRS Listedâ„¢ Wind Energy Facilities Front Half2022-2035NCF, NCG, NCH, NCI, NCJ, NCK, NCL, NCM, NCN, NCI, NCO, NCP, NCQ, NCR, NCS1,000 RECsFutures
PRODUCTFUTURES
VINTAGES		CONTRACT
CODE		CONTRACT
SIZE		PRODUCT
SPECS
M-RETS RECs from CRS Listed™ Wind Facilities – Vintage Specific Back Half2021-2030MXB, MXC, MXD, MXE, MXF, MXG, MXH, MXI, MXJ, MXK1,000 RECsFutures
M-RETS RECs from CRS Listed™ Wind Facilities – Vintage Specific Front Half2021-2030MWB, MWC, MWD, MWE, MWF, MWG, MWH, MWI, MWJ, MWK1,000 RECsFutures
M-RETS RECs from CRS-Listedâ„¢ Canadian Sited Wind Energy Facilities Back Half2023-2035MLG, MLH, MLI, MLJ, MLK, MLN, MLO, MLP, MLQ, MLR, MLS, MLT, MLU1,000 RECsFutures
M-RETS RECs from CRS-Listedâ„¢ Canadian Sited Wind Energy Facilities Front Half2023-2025MOG, MOH, MOI, MOJ, MOK, MOL, MON, MOP, MOQ, MOR, MOS, MOT, MOU1,000 RECsFutures
M-RETS Registered RECs from Wind Energy Facilities2023-2035MJG, MJH, MJI, MJK, MJL, MJN, MJO, MJP, MJQ, MJR, MJS, MJT, MJU1,000 RECsFutures
National RECs from CRS Listedâ„¢ Wind Energy Facilities Back Half2022-2035NDF, NDG, NDH, NDI, NDJ, NDK, NDL, NDM, NDN, NDO, NDP, NDQ, NDR, NDS1,000 RECsFutures
National RECs from CRS Listedâ„¢ Wind Energy Facilities Front Half2022-2035NCF, NCG, NCH, NCI, NCJ, NCK, NCL, NCM, NCN, NCI, NCO, NCP, NCQ, NCR, NCS1,000 RECsFutures
PRODUCTFUTURES
VINTAGES		CONTRACT
CODE		CONTRACT
SIZE		PRODUCT
SPECS
NAR Registered RECs from CRS Listedâ„¢ Solar Energy Facilities Back Half2021-2030NUE, NUF, NUG, NUH, NUI, NUJ, NUK, NUL, NUM, NUN1,000 RECSFutures
NAR Registered RECs from CRS Listedâ„¢ Solar Energy Facilities Front Half2021-2030NVE, NVF, NVG, NVH, NVI, NVJ, NVK, NVL, NVM, NVN1,000 RECsFutures
NAR Registered RECs from CRS Listedâ„¢ Wind Energy Facilities Back Half2021-2030NKE, NKF, NKG, NKH, NKI, NKJ, NKK, NKL, NKM, NKN1,000 RECsFutures
NAR Registered RECs from CRS Listedâ„¢ Wind Energy Facilities Front Half2021-2030NLE, NLF, NLG, NLH, NLI, NLJ, NLK, NLM, NLN1,000 RECsFutures
NAR Registered RECs from Wind Energy Facilities2023-2035NFG, NFH, NFI, NFJ, NFK, NFL, NFM, NFN, NFO, NFP, NFQ, NFR, NFS1,000 RECsFutures
National RECs from CRS Listedâ„¢ Wind Energy Facilities Back Half2022-2035NDF, NDG, NDH, NDI, NDJ, NDK, NDL, NDM, NDN, NDO, NDP, NDQ, NDR, NDS1,000 RECsFutures
National RECs from CRS Listedâ„¢ Wind Energy Facilities Front Half2022-2035NCF, NCG, NCH, NCI, NCJ, NCK, NCL, NCM, NCN, NCI, NCO, NCP, NCQ, NCR, NCS1,000 RECsFutures
PRODUCTFUTURES
VINTAGES		OPTIONS
VINTAGES		CONTRACT
CODE		CONTRACT
SIZE		STRIKE
INTERVAL		PRODUCT
SPECS
Connecticut Class I RECs2023-20352023-2030RCG, RCH, RCI, RCJ, RCK, RCL, RCM, RCN, RCO, RCP, RCQ, RCR, RCS100 RECs$0.25Futures
Options
Connecticut Class II RECs2023-2026RDG, RDH, RDI, RDJ100 RECsFutures
Connecticut Class III RECs2023-2030REG, REH, REI, REJ, REK, REL, REM, REN100 RECsFutures
Maine Class I RECs2023-2030MNG, MNH, MNI. MNJ, MNK, MNL, MNM, MNN100 RECsFutures
Maine Class 1A RECs2023-2030MMG, MMH, MMI, MMJ, MMK, MML, MMM, MMN100 RECsFutures
Maine Class II RECs2023-2030MQG, MQH, MQI, MQJ, MQK, MQL, MQN100 RECsFutures
Massachusetts APS RECs2023-2030MFG, MFH, MFI, MFJ, MFK, MFL, MFM, MFN100 RECsFutures
Massachusetts CES-E Certificates2023-2030MIG, MIH, MII, MIJ, MIK, MIL, MIM, MIN100 RECsFutures
Massachusetts Class I RECs2022-20352022-2030MAF, MAG, MAH, MAI, MAJ, MAK, MAL, MAM, MAN, MAO, MAP, MAQ, MAR, MAS100 RECs$0.25Futures
Options
Massachusetts Class II RECs (Non-WTE)2022-2030MEF, MEG, MEH, MEI, MEJ, MEK, MEL, MEM, MEN100 RECsFutures
Massachusetts Class II WTE RECs2022-2030MGF, MGG, MGH, MGI, MGJ, MGK, MGL, MGM,MGN100 RECsFutures
Massachusetts Solar RECs2023-20242023-2024MSG, MSH10 SRECs$5.00Futures
Options
Massachusetts Solar Carve Out II RECs2022-20292022-2029MCF, MCG, MCH, MCI, MCJ, MCK, MCL, MCM10 SRECs$5.00Futures
Options
NEPOOL Dual Qualified Class I RECs2023-20352023-2030NPG, NPH, NPI, NPJ, NPK, NPL, NPM, NPN, NPO, NPP, NPQ, NPR, NPS100 RECs$0.25Futures
Options
NEPOOL Quad Qualified Class I RECs2023-2030NQG, NQH, NQI, NQJ, NQL, NQM, NQN100 RECsFutures
New Hampshire Class I RECs2023-2025NRG, NRH, NRI100 RECsFutures
New Hampshire Class III RECs2023-2025NTG, NTH, NTI100 RECsFutures
Rhode Island New RECs2023-2025RIG, RIH, RII100 RECsFutures

PRODUCTFUTURES
VINTAGES		CONTRACT
CODE		CONTRACT
SIZE		PRODUCT
SPECS
New York Tier I RECs2023-2030
NYD, NYE, NYF, NYG, NYH, NYI, NYJ, NYK100 RECsFutures

PRODUCTFUTURES
VINTAGES		OPTIONS
VINTAGES		CONTRACT
CODE		CONTRACT
SIZE		STRIKE
INTERVAL		PRODUCT
SPECS
District of Columbia Tier I RECs2023-2030WDG, WDH, WDI, WDJ, WDK, WDL, WDM, WDN100 RECsFutures
District of Columbia Solar RECs2023-2030WRG, WRH, WRI, WRJ, WRK, WRL, WRM, WRN10 SRECsFutures
Maryland Solar RECs2022-20352022-2027MRF, MRG, MRH, MRI, MRJ, MRK, MRL, MRM, MRN, MRO, MRP, MRQ, MRR, MRS10 SRECs$0.25Futures
Options
Maryland Tier I RECs Bankable2021-20252021-2025MBE, MBF, MBG, MBH, MBI100 RECs$0.25Futures
Options
Maryland Tier I RECs Vintage Specific2021-20352021-2030MDE, MDF, MDG, MDH, MDI, MDJ, MDK, MDL, MDM, MDN, MDO, MDP, MDQ, MDR, MDS100 RECs$0.25Futures
Options
Maryland Tier II RECs2021-2030MHE, MHF, MHG, MHH, MHI, MHJ, MHK, MHL, MHM, MHN100 RECsFutures
New Jersey Class I RECs Bankable2021-20252021-2025NBE, NBF, NBG, NBH, NBI100 RECs$0.25Futures
Options
New Jersey Class I RECs Vintage Specific2021-20352021-2030NJE, NJF, NJG, NJH, NJI, NJJ, NJK, NJL, NJM, NJN, NJO, NJP, NJQ, NJR, NJS100 RECs$0.25Futures
Options
New Jersey Class II RECs2022-20302023-2030SGF, SGG, SGH, SGI, SGJ, SGK, SGL, SGM, SGN100 RECs$0.05Futures
Options
New Jersey Solar RECs2021-20332021-2030NSE, NSF, NSG, NSH, NSI, NSJ, NSK, NSL, NSM, NSN, NSO, NSP, NSQ10 SRECs$1.00Futures
Options
New Jersey-Pennsylvania Dual Qualified Class II RECs2023-20302023-2030NEG, NEH, NEI, NEJ, NEK, NEL, NEM, NEN100 RECs$0.05Futures
Options
Ohio Non-Solar RECs2021-2030OHE, OHF, OHG, OHH, OHI, OHJ, OHK, OHL, OHM, OHN100 RECsFutures
Ohio Solar RECs2021-2026OSE, OSF, OSG, OSH, OSI, OSJ10 SRECsFutures
Pennsylvania Alternative Energy Certificate Tier I Bankable2021-20252021-2025PBE, PBF, PBG, PBH, PBI100 AECs$0.25Futures
Options
Pennsylvania Alternative Energy Certificates Tier I Vintage Specific2021-20352021-2030PAE, PAF, PAG, PAH, PAI, PAJ, PAK, PAL, PAM, PAN, PAO, PAP, PAQ, PAR, PAS100 AECs$0.25Futures
Options
Pennsylvania Solar Alternative Energy Certificates2021-20352021-2030PSE, PSF, PSG, PSH, PSI, PSJ, PSK, PSL, PSM, PSN, PSO, PSP, PSQ, PSR, PSS10 SAECs$0.25Futures
Options
Pennsylvania Alternative Energy Certificate Tier II2021-20302021-2030PCE, PCF, PCG, PCH, PCI, PCJ, PCK, PCL, PCM, PCN100 AECs$0.05Futures
Options
PJM Tri-Qualified Class I RECs2021-20352021-2035PME, PMF, PMG, PMH, PMI, PMJ, PMK, PML, PMM, PMN, PMO, PMP, PMQ, PMR, PMS100 RECs$0.05Futures
Options
PJM Quad-Qualified Class I RECs2023-2035PJG, PJH, PJI, PJJ, PJK, PJL, PJM, PJN, PJO, PJP, PJQ, PJR, PJS100 RECsFutures
Virginia RECs2023-2035VIG, VIH, VII, VIJ, VIK, VIL, VIM, VIN, VIO,VIP, VIQ, VIR, VIS100 RECsFutures
PRODUCTFUTURES
VINTAGES		CONTRACT
CODE		CONTRACT
SIZE		PRODUCT
SPECS
California Book and Claim RECN/ABNC100 RECsFuture
California PCC 3 RECs2021-2030WAE, WAF, WAG, WAH, WAI, WAJ, WAK, WAL, WAM, WAN100 RECsFutures
WREGIS Registered RECs from CRS Listedâ„¢ Wind Energy Facilities - Front Half Future2021-2030WME, WMF, WMG, WMH, WMI, WMJ, WMK, WML, WMM, WMN1,000 RECsFutures
WREGIS Registered RECs from CRS Listedâ„¢ Wind Energy Facilities - Back Half Future2021-2030WNE, WNF, WNG, WNH, WNI, WNK, WNL, WNM, WNN1,000 RECsFutures
National RECs from CRS Listedâ„¢ Wind Energy Facilities Front Half2022-2035NCF, NCG, NCH, NCI, NCJ, NCK, NCL, NCM, NCN, NCI, NCO, NCP, NCQ, NCR, NCS1,000 RECsFutures
National RECs from CRS Listedâ„¢ Wind Energy Facilities Back Half2022-2035NDF, NDG, NDH, NDI, NDJ, NDK, NDL, NDM, NDN, NDO, NDP, NDQ, NDR, NDS1,000 RECsFutures

About RECs

Renewable Energy Certificate (REC) markets are created through Renewable Portfolio Standard (RPS) programs, which are generally implemented at the state level. Currently, 30 states plus Washington D.C. have RPS Programs.

 

RECs have different classifications, including:

Class I RECs

  • Solar photovoltaic
  • Wind
  • Small hydropower
  • Landfill methane and anaerobic digester gas
  • Marine or hydrokinetic
  • Geothermal

Class II RECs

  • Often involve alternative energy such as: burning solid waste at extremely high temperatures to generate electricity or steam power.

Class III RECs

  • Include combined heat and power systems and waste heat recovery systems.

Voluntary REC products on Nodal, (sometimes called hybrid compliance/voluntary RECs) deliver RECs from registered facilities listed with the Center For Resource Solutions (CRS) in connection with the administration of its Green-e® certification programs. Additional voluntary wind and solar RECs also are offered on Nodal from select registries including: ERCOT, NAR and M-RETS.

(See the full list of compliance and voluntary REC products above or on the products page)

The CRS logo, the Green-e® name and logos, among others are marks owned and administered by the Center for Resource Solutions

Key benefits of trading on Nodal Exchange

  • Broadest exchange suite of REC futures contracts
  • More efficient physical delivery process
  • Letters of credit available as collateral against Initial Margin requirements
  • Capital efficiency potential through Portfolio (VAR based) margining
  • Products listed and cleared alongside Nodal’s existing power and gas product suite
  • Competitive transaction costs
  • No membership or market data fees
  • Experienced team dedicated to product development and customer support

Key benefits of trading on Nodal Exchange

  • Broadest exchange suite of REC futures contracts
  • More efficient physical delivery process
  • Letters of credit available as collateral against Initial Margin requirements
  • Capital efficiency potential through Portfolio (VAR based) margining
  • Products listed and cleared alongside Nodal’s existing power and gas product suite
  • Competitive transaction costs
  • No membership or market data fees
  • Experienced team dedicated to product development and customer support

About Nodal Exchange

Nodal Exchange, headquartered in Tysons Corner, VA, is a CFTC-regulated derivatives exchange providing price, credit and liquidity risk management to participants in the North American commodity markets. Part of EEX Group, Nodal Exchange is a leader in innovation, having introduced the world’s largest set of electric power locational (nodal) futures contracts and offers over 1,000 power, gas, environmental, natural gas and freight futures, all cleared on Nodal Clear. IncubEx is partnered with Nodal on its North American environmental products.

ADDITIONAL RESOURCES

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Webpage

Environmental Products on
Nodal Exchange

This page is for illustrative purposes only. For official contract and trading information, please visit Nodal Exchange