On April 16 in New York City, the Electric Power Research Institute (EPRI) will host its first public auction for stewardship credits under the pilot interstate Ohio River Basin Water Quality Trading project. Interested participants should notify EPRI by March 16.
About 90,000 Stewardship credits for nutrient reduction efforts generated by farmers in Ohio, Indiana, and Kentucky will be available for bid. Credits purchased at this year’s auction will then be retired. Each credit is equal to one pound of nutrient (nitrogen or phosphorous) reduction, plus associated ancillary ecosystem benefits. While the credits represent real environmental improvements that have been verified by state agricultural and permitting agencies, they cannot currently be used for Clean Water Act compliance. The credits can, however, be used to meet corporate sustainability goals or for supplemental environmental projects.
The Ohio River Basin Water Quality Trading project launched in 2009, and its first transaction took place in the spring of 2014 when American Electric Power, Duke Energy, and Hoosier Energy retired 9,000 stewardship credits purchased at $10 per pound. The auction this spring and those in the future will help EPRI establish a price point for credits and gauge interest in the market. Read more.