In 2025, for the first time in the US, buyers and sellers traded hourly Granular Certificates (GC) in the PJM market.
Conducted through LevelTen’s GC Marketplace, operated by Intercontinental Exchange (ICE) and LevelTen, these trades revealed significant unmet demand from buyers seeking Carbon Free Energy (CFE) denominated by hour.
This pricing update reveals our findings after conducting two auctions in 2025.
Trading began with a “pre-open" period where buyers and sellers tested the market with indicative orders. WebICE’s algorithm then matches initial trades at the end of this period. In November, the auction evolved to feature a two-hour "open auction" functionality where participants could continue to place and adjust orders in a live setting, allowing immediate matching.
This pricing update covers pricing for closed matches, as well as indicative bids and offers that were entered during the “pre-open” period.
Report Highlights:
- Buyers showed willingness to purchase GCs at prices above the annual REC price
- Demand was high during spring and summer “shoulder hours”
- A 300% increase in the volume of matched trades, as compared with the inaugural October 2025 auction
Fill out the form below to download the report to see pricing from the final 2025 auction, including buyer pricing during bidding and the final settlement prices for those GCs.
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