January Granular Certificate Auction: New Data on Volume and Price Trends
January Granular Certificate Auction: New Data on Volume and Price Trends
February 10, 2026
This updated report summarizes the January 2026 auction data, including open bids during trading and final matched orders. These findings provide a baseline for understanding how the market is beginning to value granular certificates.
Key Observations from the January Auction:
Measured Growth in Matched Trades: We observed a continued trend in the number of GCs traded. In January 2026, the volume of matched trades increased by 158% compared to the November auction.
Seasonality in Trading: This month, GCs were sourced from generation between April and November 2025; however, 62% of all trades were for November 2025 generation.
Price Changes: Prices for Type 1 GCs eased in January, trading between $29.00 and $35.00. This is a shift from the range seen in November 2025.
For a month-by-month look at the evolving landscape of hourly CFE matching and settlement prices, fill out the form below.
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