Overview
This explainer summarizes the main families of energy certificates and how they relate to each other. Use it as a reference page for readers and as a taxonomy for the grid transformation underway.
Certificate Types Comparison
Certificate TypeWhat It RepresentsTime/Location GranularityTypical 2025 Price RangeTypical Buyers/Use CasesLegacy REC1 MWh of renewable generation, tracked annually and usually location-agnosticYearly, loose location matchingOften <$1–$5/MWh in 2025Utilities meeting basic RPS targets; low-integrity corporate claims24/7 CFE1 MWh of clean energy matched to a specific hour and grid regionHourly, location-matched; must coincide with load$50–$140/MWhHyperscalers and large corporates with 24/7 CFE pledgesFCE Credit1 MWh of firm, dispatchable clean power (e.g., nuclear+storage)Physical plus storage shape to guarantee availability$70–$200/MWhBuyers needing true "always on" clean power — AI data centers, industrialsPoC Token1 MWh that was verifiably not consumed during a stressed/dirty grid intervalVoluntary or contracted curtailment of flexible load$150–$1,000+/MWhHyperscalers, traders, and insurers arbitraging curtailmentEmissionality1 MWh below a specific carbon-intensity threshold (e.g. <5 gCO₂/kWh)Dispatch or curtailment tied to real-time marginal emissions$30–$80/MWhBuyers optimizing for carbon intensity, not only MWh balance Related Reading
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energycertificatestokenizationcarbon