GEM Report: Solar Snapshot (March 2017)
Highlights from the latest report:
- STC creation in March has managed to exceed the surge of last December and was the highest seen since February 2013 in spite of a step down in deeming from 15 to 14 years.
- 2017 year to date weekly average creation has lifted to 368,000 compared to 347,000 last month, and is running 54% greater than required by the recently announced Regulator binding target plus a 500,000 undersurrender, which we estimate is 249,000.
- The clearing house has now tipped into a surplus of 193,000, although it will fall back into deficit in weeks leading into the 28 April surrender requirement of 4.36m STCs. If creation is maintained at the current 368,000 average then the clearing house could then be expected to return back to surplus by June.
- At current average creation levels we estimate that by the end of year the surplus of STCs would be around 6 million.
- STCs have begun to trade again on the spot market with the price dipping to as low as $39.85 and ending the month at $39.90. Also forward contracts have traded less than $38.
- STCs representing 15,332 solar PV systems and 91.9 MW of capacity were created in March. The number of systems are up 22% relative to our February report and 32% up on the 12 month average.
- Capacity is up 26.2% on last month's Snapshot figures, and up 46% on the prior 12 month average.
- Capacity installed at the commercial-scale represented 28.2% of total capacity installed in March.
- STCs representing 5,534 SWH systems were created in March. This is up 9.3% on last month's Snapshot.
- 5 solar power stations were accredited for LGCs in March, with the biggest being Barcaldine and the Coober Pedy Wind-Solar hybrid. 2 solar power stations had accreditation pending.