Important Features of RECs

Participation Voluntary
REC Denomination 1 MWh (MegaWatt-hour)
Validity 365 Days after Date of Issuance
REC Categories 1. Solar RECs
2. Non-Solar RECs
Trading Platform Power Exchange only
Banking Not Allowed
Borrowing Not Allowed
Penalty Non-Compliance Maximum Price ('Forbearance' Price)
Price Guarantee Minimum Price (Through 'Floor' Price)
Transfer Type Single Transfer Only. Repeated trades of the same certificate are not possible.
Price Discovery Mechanism Closed Double-Side Auction*
Trading Calendar Last Wednesday of the month (T Day)
Trading Period 1300-1500 hrs (T Day)
Market Clearing 1700hrs (T Day)
Financial Settlement Buyers have to pay upfront on T Day. Sellers receive on T Day + 1

* As advised by the CERC