The results are in: critical price signals from the first-ever U.S. granular certificate (GC) auction are now available.
In October 2025, the new GC Marketplace, launched by LevelTen Energy, the GC Trading Alliance, and Intercontinental Exchange (ICE), held a spot auction for GCs in PJM. Our new report, the GC Market Signals Report, Pt. I, details the full results of this groundbreaking trading activity.
This first trading cycle revealed significant market engagement and developing pricing trends. We observed a high volume of live orders, indicating strong unmet demand for hourly Carbon Free Energy (CFE) attributes. Sellers offered a diverse supply, including both Type 1 (wind, solar) and Type 2 (nuclear, hydro) generation.
Report Highlights
- Details on the number of successful trades, and the average prices transacted.
- Insights into the significant unmet demand shown during the trading period.
- Summary of the premium that buyers were willing to pay for GCs, compared with compliance REC prices.
- A look at the volume of supply offered from both Type 1 (wind, solar) and Type 2 (nuclear, hydro) assets.
This is the first in a series of reports, with data from the first of many monthly auctions. Future auction iterations will include enhanced platform functionality which we expect to increase the likelihood of matched trades. Stay tuned to watch this market develop.
Fill out the form below to download the full report for a detailed breakdown of the auction dynamics, trading volumes, and pricing analysis, including why buyers paid a significant premium for matched GCs.
