Japan’s Renewable Energy Value Trading Market recorded its highest-ever trading volume for the first session of fiscal 2026, marking the second consecutive year of record-breaking results for the opening session. However, despite the increase in trading volume, the weighted average price of FIT non-fossil certificates remained at the minimum level of ¥0.40/kWh.

According to the Japan Electric Power Exchange (JEPX), the volume of FIT certificates traded reached approximately 23.12 billion kWh, up 28.4% from the previous session. All purchase bids were matched amid an excess supply of sell bids, keeping the price at the market’s minimum level.

The results highlight a contrast between expanding trading activity and persistently low prices in Japan’s market for renewable energy environmental value. For solar power businesses and companies procuring renewable electricity, developments in this market provide an indication of how the supply and demand for environmental value are evolving.

Meanwhile, in the Non-FIT Non-Fossil Certificate market, prices were ¥1.20/kWh for certificates without a renewable energy designation, derived mainly from nuclear power, and ¥1.21/kWh for renewable energy-designated certificates, including large-scale hydropower.

In the Advanced Compliance Market, the trading volume of certificates without a renewable energy designation fell 94.3% from the previous session to approximately 114.83 million kWh, while the volume of renewable energy-designated certificates increased 9.0% to approximately 1.14 billion kWh.

The latest results illustrate the differing trends across Japan’s non-fossil certificate markets. While FIT certificate trading continues to expand, the relationship between trading volume and price remains an important point to watch in the development of Japan’s renewable energy value market.