Industry Analysis
May 13, 2024

ERCOT Solar Rally Cools

The rally in ERCOT solar value cooled last week, according to the RenewaFi Price Tracker. 

RenewaFi's composite of 10-year solar PPAs gained 20% from April 8th to May 3rd, peaking at just over $45 before finishing last week at $44.25.

The composite, also shown below, assumes a unit contingent structure, 2026 start date, and no price floor. It also includes a $4 REC.

Revised load projections published by ERCOT in April helped drive the run up in solar value.

The addition of battery storage facilities, which can help smooth the duck curve, may also be contributing to the market's more positive view of solar.

The cool-off last week follows a light decline in forward curves and solar shape value.

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