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LevelTen and the Intercontinental Exchange (ICE) continue to drive price transparency in the granular certificate (GC) market through monthly auctions in PJM.
Our March 2026 update breaks down the latest GC Marketplace auction data to highlight emerging pricing trends for hourly CFE in PJM. Though the market is young, the data shows buyers consistently valuing hourly RECs at a premium to monthly- or annual options.
Trends observed in the March auction include:
- Trading concentration: January 2026 saw the highest trading volume of GCs generated in a single month, compared with all previous GC Marketplace auctions.
- Preference for 2026 generation: 100% of GCs transacted in the March auction were for January 2026 generation.
- Prices increase: Wind and solar GCs transacted between $29.40 - $47.77 per MWh, a 12% - 82% premium vs the annualized reference price (2026 PJM REC Futures pricing on the auction day).
Download the March GC Market Signals Report to see where hourly CFE transactions settled in our latest auction.
