The Japan Electric Power Exchange (JEPX) has announced the results of the first non-fossil value trading market for fiscal year 2024, and it’s a mixed bag.

On one hand, the demand for non-FIT (Feed-in Tariff) non-fossil certificates without renewable energy designation dropped by a staggering 97.7% compared to last year, with the volume falling to 2.6 billion kWh. On the flip side, certificates with renewable energy designation saw a massive boost, increasing 2.8 times to 17.3 billion kWh. Despite the big shifts in volume, prices stayed glued to the lower limit of 0.6 yen per kWh.

Starting this round, JEPX has begun tracking all non-fossil certificates, adding a layer of transparency to the system. Meanwhile, the market for renewable energy value trading where FIT certificates are traded remains hot. Contract volume surged by 69.1% compared to FY 2023, hitting a record high of 143.8 billion kWh. The contracted price was at the lower limit of 0.4 yen/kWh, and the highest contracted price was 0.61 yen/kWh.