The three Granular Certificate (GC) auctions held across Q2 2026 delivered a clear signal: for now, buyers in PJM are motivated to purchase hourly-matched clean energy. The LevelTen and Intercontinental Exchange (ICE) GC Marketplace continues to generate real price data on what CFE is actually worth on an hourly basis.
A few takeaways stood out this quarter:
- The market is scaling. Trading volume jumped 134% quarter-over-quarter, and is up 567% since GC Marketplace's very first quarter of trading.
- Wind and solar dominate. Every GC that changed hands in Q2 was Type 1 (wind, solar, geothermal). Type 2 GCs (nuclear, hydropower) didn't trade this quarter.
- Premiums held strong. Type 1 GCs settled between $28.85 and $48.73 per MWh. This is 9% to 87% above the applicable monthly REC futures reference price.
Get the full picture — including pricing by hour and by generation month — in the Q2 2026 GC Market Signals Report. Fill out the form below to download the report.
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