London, 1 September 2022

Energy and commodity price reporting agency Argus has launched price assessments for international renewable energy certificates (I-RECs) in the world’s third largest market for the instrument — Türkiye. Traded over the counter, I-RECs are a tool increasingly used to document electricity consumption from renewable sources.

Argus Media chairman and chief executive Adrian Binks said: “Demand for energy attribute certificates is growing rapidly around the world as companies look to document higher shares of renewable energy throughout their product supply chain, including their scope 2 emissions reporting. The new Argus I-REC prices build out our global suite of energy attribute certificates and offer market participants new transparency as they embrace the energy transition.”

The I-REC standard is acknowledged by reputable reporting bodies such as the RE100, Carbon Disclosure Platform and Greenhouse Gas Protocol.

The new weekly Turkish I-REC prices are the first in a planned suite of global I-REC prices and enhance Argus’ pricing coverage of energy attribute certificates, which includes electricity Guarantees of Origin (GOOs) in the UK and continental Europe, and renewable gas, or biomethane, certificates. Argus also covers the US REC compliance markets.

Argus’ renewable energy certificate prices have gained traction as industry benchmarks in recent years — they are used to price long-term power purchase agreements, and are deployed in contract negotiation, asset valuation and risk management.

Türkiye is the third-largest market in the world for I-RECs, behind China and Brazil, and demand is rising. Just over 128TWh of I-RECs were issued globally in January-July 2022, with redemptions at 62TWh. In 2021, global I-REC issuances totalled just over 71TWh, while 48TWh were redeemed. In Türkiye, 10TWh of I-RECs were issued in January-July 2022 while almost 5TWh were redeemed, while last year 8TWh were issued and 4TWh redeemed. The textile industry remains the largest user of Turkish I-RECs, with metals, automotive and food companies taking a significant share.

Argus’ new I-REC assessments are priced in Turkish lira and US dollars to provide clarity for both local and international markets. Assessments cover I-RECs generated in the previous and current years from solar, hydropower, wind and biomass-fired power plants in Türkiye.

About Argus Media

Argus is the leading independent provider of market intelligence to the global energy and commodity markets. We offer essential price assessments, news, analytics, consulting services, data science tools and industry conferences to illuminate complex and opaque commodity markets.

Headquartered in London with 1,300 staff, Argus is an independent media organisation with 29 offices in the world’s principal commodity trading hubs.

Companies, trading firms and governments in 160 countries around the world trust Argus data to make decisions, analyse situations, manage risk, facilitate trading and long-term planning. Argus prices are used as trusted benchmarks around the world for pricing transportation, commodities and energy.

Founded in 1970, Argus remains a privately held UK-registered company owned by employee shareholders, global growth equity firm General Atlantic and Hg, the specialist software and technology services investor.

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