Vintage 2025 and Vintage 2024 I-RECs – Market Insights for H1
Introduction
The I-REC (International Renewable Energy Certificate) market has continued to mature, offering buyers flexible access to verified renewable energy attributes across emerging and developed economies. Each certificate’s vintage indicates the calendar year in which the renewable electricity was generated. For example, a “Vintage 2025” I-REC represents electricity generated in 2025.
This article focuses on Vintage 2024 and Vintage 2025 I-RECs in Quarter H1—covering Q1 and Q2—examining price trends, market volumes, and the drivers shaping these changes.
Regional Price Highlights
The I-REC market shows wide variation in prices depending on location, technology, and vintage. Recent data illustrates notable shifts in H1 pricing:
Vietnam (Vintage 2025, Solar) – Fell 10.2% month-on-month to USD 0.44/MWh.
Singapore (Vintage 2024, Solar) – Dropped 14.8% to S$72/MWh.
India (Vintage 2024, Solar & Wind) – Rose 5.2% MoM to USD 0.77/MWh.
These movements reveal the influence of both local supply-demand dynamics and broader regional developments.
Global Volumes in H1 2024
In the first half of 2024, I-REC activity expanded significantly:
188 million certificates issued – an increase of 17% year-on-year.
162 million certificates redeemed – up 58% compared to H1 2023.
Price disparities remain stark. In H1 2024, prices ranged from USD 0.60/MWh in India to USD 2.45/MWh in Sri Lanka and EUR 4 in Mexico. These variations reflect differences in market maturity, renewable resource mix, and domestic policy landscapes.
Market Drivers and Dynamics
Several factors shaped the Vintage 2024 and Vintage 2025 markets in H1:
1. Supply and Demand Shifts
Markets like India saw price increases due to tightening supply, while oversupplied regions such as Vietnam experienced price drops.
2. Regulatory Changes
A major shift came from China, which ceased issuing I-RECs after the 2024 vintage. The final issuance occurred on March 31, 2025, as the country transitioned to its own national Green Electricity Certificate (GEC) system.
3. Procurement Strategies
Buyers are increasingly spreading purchases across the year to minimize the impact of seasonal price spikes and supply bottlenecks.
4. Fee Structures
Holding or redeeming older vintages (21+ months) now attracts additional fees. This has encouraged faster market entry for certificates and influenced retirement strategies.
Implications for Buyers
For corporate sustainability managers and energy traders, understanding vintage dynamics is critical:
Vintage 2025 certificates may offer lower entry prices now, especially in oversupplied markets like Vietnam, but could appreciate if demand rises later in the year.
Vintage 2024 certificates are closer to the holding fee threshold, making strategic retirement or trading decisions more time-sensitive.
Regional sourcing strategies can help balance price competitiveness with reputational and reporting requirements.
Platforms like Hestiya Marketplace offer enhanced convenience, transparency, and access—especially useful when aiming for traceable, reputable I-REC sourcing visit Hestiya Marketplace to get good quality I-RECs.
