Compiled 10 Sep 2026
Window Mar 2025 – Aug 2026 (18 months)
Technology Solar · Currency US$/MWh
I-REC vs TIGR price & liquidity dashboard
Singapore-origin solar certificate benchmarks, vintage structure, a volume-weighted
price proxy, a broker-activity liquidity index, and the I-REC/TIGR spread — with every figure
labelled by how much of it is actually published market data.
Read this first — data provenance
Singapore REC pricing is a subscription market. S&P Global Platts and Argus both run
Singapore solar I-REC assessments, but the daily series sit behind a licence. Free, citable prints
exist for only 3 of the 18 months in this window. Beyond that:
no public TIGR price benchmark exists for Singapore at all, no assessor publishes a VWAP
for this market, and no broker publishes transaction volumes. The TIGR series, the VWAP
estimate and the liquidity index on this page are therefore modelled outputs of disclosed
formulas, not market observations. Treat them as a framework to be repointed at your Platts feed —
every formula is printed beside its chart.
Sourced print — published assessment Interpolated between anchors Modelled — no print located
Headline position
As at 20 Aug 2026
I-REC current-year vintage
$24.50 /MWh
Argus assessment, 20 Aug 2026. Malaysia $3.20, Vietnam $0.32 — Singapore trades
at roughly 7.7× Malaysian solar.
Sourced
18-month change
−67.3%
From $75.00 (Argus, Feb 2025) to $24.50. Trough of $19.30
printed 23 Apr 2026.
Sourced endpoints
Liquidity index
33.4 /100
Thin. Wide quoted spreads plus a market where one 300 GWh clip was the only
trade in weeks.
Modelled
I-REC premium over TIGR
$2.45 /MWh · 10.0%
Registry-depth premium. Compressed in absolute terms with the price collapse,
but stable in percentage terms.
Modelled
Monthly price benchmarks
Chart 01
Current-year and previous-year vintage assessments. Solid markers are published
prints; dashed segments are interpolation between them. The shaded band is the quoted bid/ask
envelope implied by Argus' 34% spread width.
Singapore solar I-REC — assessed mid, US$/MWh
The market lost roughly two-thirds of its value across the window. Note the 1 Jan 2026
vintage roll: the "current-year" line switches from vintage 2025 to vintage 2026, so part of
the step down is a change of instrument, not only a change of price.
Neither Platts nor Argus publishes a volume-weighted transaction price for
Singapore RECs — they publish assessed midpoints and bid/offer levels. The line below is a
bid-skew proxy, not a VWAP.
Assessed mid vs VWAP proxy
In an illiquid market, the few trades that clear tend to print nearer the bid than the
assessed midpoint. The proxy applies a liquidity-conditional skew toward the bid.
Modelled
VWAPproxy = mid × (1 − W × k)
W = 0.34 quoted bid/ask width as a share of mid
k = 0.35 when liquidity index < 40 (thin — clears near the bid)
k = 0.15 otherwise
Result: 5.1% below mid in normal months, 11.9% below in thin months.
A true VWAP needs Σ(price × volume)/Σ(volume) per trade — no public feed carries Singapore REC trade volumes.
Vintage structure — previous-year H1 vs H2
Platts split its previous-year Singapore assessment into H1/H2 priority from 1 June 2026.
Current-year and forward vintages remain full-year, so no H1/H2 split exists for vintage 2026 yet.
Split modelled
Before 1 Jun 2026: full-year basis only — no half-year split was assessed,
so none is back-cast here
From 1 Jun 2026: H1 = mid × (1 − 0.12/2) · H2 = mid × (1 + 0.12/2)
Why H2 carries the premium (sourced): Platts gives H2 priority because "the majority of trade activity for the previous year's vintage, from June 1 until the end of the year, is concentrated on the H2 previous-year vintage" — which follows CDP's 21-month vintage window used by RE100 filers (6 months before the reporting period + the 12-month period + 3 months after). An H2 certificate stays eligible for the next reporting period longer than an H1 one.
The 12% magnitude is our assumption, not a published spread.
Liquidity index
Chart 03
A 0–100 composite of the only three activity signals that are publicly observable
for this market. Bars are stacked by weighted contribution, so segment heights sum to the index.
The index never rises above the low 40s. That is the honest read: this is a thin,
episodic market where a single clip can be a month's entire turnover.
Modelled
LI = 100 × ( 0.40·S + 0.35·R + 0.25·C )
S spread tightness = 1 − min(W / 0.50, 1) , W = 0.34 → S = 0.32 (held flat; only one public bid/ask snapshot exists)
R redemption depth = min(redemption GWh / 300, 1) 300 GWh = "deep month" reference, set from the largest single trade on record
C commentary depth = assessor language coded 0–1 (0.12 "very thin liquidity, only one trade" … 0.30 "drift lower on muted demand")
Sourced inputs: Feb-25 redemptions 136 GWh, −80% YoY (Argus) · Apr-26 single trade ≈300 GWh, the only trade in weeks (Platts) · seven dated assessor commentary quotes.
Modelled inputs: monthly redemption volumes outside Feb-25 (Q1/Q4 reporting-cycle seasonality, 2026 indexed +18%) and the numeric coding of commentary.
Spread analysis — I-REC vs TIGR
Chart 04
This is the weakest-evidence panel on the dashboard. There is no published
Singapore TIGR price series to compare against. The TIGR line is derived from the I-REC line by a
disclosed discount function; the shape of the spread follows from that function by construction.
Modelled TIGR discount to I-REC
Both registries issue against the same Singapore grid and both conform to SS 673, so the
underlying attribute is near-identical. The spread we model is a registry liquidity
premium, not a quality premium.
Modelled
TIGR = I-REC mid × (1 − d) d = 0.06 + 0.06 × (1 − LI/100)
Rationale for a discount at all (sourced): I-REC(E) issued ~199 m certificates in 2022 against TIGR's 3.78 m, and TIGR's cumulative total reached only ~9.87 m by 2023 — I-REC is the deeper, benchmarked registry. In Singapore, I-RECs are issued via SP Group / the Green Certificate Company while TIGRs run through T-RECS.ai on APX, a narrower local channel. TIGR pricing is explicitly not unified: "TIGRs don't have unified pricing — costs can vary by country due to differences in local brokers and issuing structures."
What is assumed: the 6% floor, the 6-point liquidity sensitivity, and the resulting 9.3–10.3% range. None of this is observed. A Singapore TIGR print would likely fall inside a 0–15% discount band, but it could equally sit at parity where a buyer's registry is fixed by procurement policy.
Monthly series
All values US$/MWh unless noted
Month
Basis
I-REC CY
S$ CY
Bid
Ask
VWAP*
I-REC PY
PY H1*
PY H2*
TIGR*
Spread*
Disc.*
Liq.*
* Modelled — output of the formulas printed above, not published market data.
CY = current-year vintage, PY = previous-year vintage. Rows with a green edge carry a published print.
What moved this market
18-month driver review
Eight forces explain the fall from $75 to the low $20s — and explain why Singapore
still clears at a multiple of every other Southeast Asian I-REC.
Structural
Demand anchor
Market-boundary rules are the entire reason for the premium
Under the GHG Protocol Scope 2 guidance, ISO 14064-1 and RE100, a company reporting
Singapore electricity consumption must match it with certificates from the Singapore market
boundary. A Malaysian I-REC at $3.20 cannot substitute for a Singapore one at $24.50 for a
Singapore load. That rule — not scarcity of renewables in the region — is what sustains a
7–13× premium, and it is why Singapore I-RECs "continue to hold a much higher value in the
spot market than other I-RECs in Asia."
Q1 2025
Supply
Issuance ran far ahead of redemption
Singapore solar I-REC issuance grew 284% against 2023 while redemption grew
113% — supply expanding at more than twice the pace of retirement. By February 2025
redemptions had fallen 80% year on year to 136 GWh while the certificate stock kept
building. The regional market was described as "subdued… due to thin demand and oversupply."
Mar–Aug 2025
Supply
Solar buildout beat its own target five years early
Installed capacity climbed from 822 MWp (2022) to 1,775 MWp at 1H 2025 on EMA's own numbers — roughly 1.7 GWp
(2025), and Singapore hit its 2 GWp target ahead of the 2030 schedule — prompting a raised
3 GWp goal at Budget 2026. Every marginal panel mints more certificates into a market whose
buyer base was not growing at the same rate.
Jul–Aug 2025
Demand
Buyers walked away rather than pay up
Offers held at S$80–85/MWh through May 2025 but "few deals closed" — a classic stale-offer
market where the assessed level lags the clearing level. Trade press moved from "drift lower on
muted demand" in July to "buyers exit Singapore" in August. Corporates that had already met
annual targets simply stopped bidding.
"Currency pressures and muted corporate demand weighed on the market. Solar I-REC
offers for vintage 2025 ranged S$80-85/MWh, but few deals closed." — Platts, May 2025
Through 2025
Regional supply
China's exit redirected regional certificate flow
China stopped issuing I-RECs after the 2024 vintage, with final issuance on 31 March 2025,
moving to its domestic GEC system. That removed the largest Asian I-REC supply pool from the
standard and pushed both trader attention and liquidity onto the remaining Southeast Asian
markets — adding to the oversupply pressure Singapore was already carrying.
2026
Demand structure
The decisive shift: unbundled RECs became the last resort
This is the single most important driver in the window. Corporate procurement moved up the
quality ladder to PPAs, virtual PPAs and green tariffs, draining the unbundled spot market.
Sellers compounded it: because Singapore certificates are worth so much more than regional
ones, they hold the RECs back and bundle cheaper foreign certificates into vPPAs instead.
"For renewable energy procurement, our main priority is buying through PPAs and
green tariffs; unbundled RECs are our last choice." — corporate buyer, via Platts, April 2026
"I always ask for the Singapore I-RECs to be bundled with my PPA, but it is very
difficult. The sellers don't want to give you the certificates." — buyer, via Platts, April 2026
Apr 2026
Liquidity
Liquidity thinned to a single clip
Platts assessed vintage 2026 at S$26/MWh on 23 April 2026, down week over week, with
"ample" supply across unbundled I-RECs, PPAs and vPPAs against "limited" spot buying. One trade
of about 300 GWh was the only 2026-vintage solar transaction in weeks. At that point the
cross-border pull was also visible: Singapore-based buyers were turning to Malaysian
certificates as expected Automatic Fuel Adjustment cost rises made them more attractive.
Jun 2026
Methodology
ESG reporting calendars were written into the price structure
From 1 June 2026 Platts gives H2 vintages priority in its previous-year Singapore assessment,
because trade activity from June onward concentrates there. The reason is purely a compliance
artefact: CDP's 21-month vintage window — six months before the reporting period, the 12-month
period itself, three months after — keeps H2 certificates usable for the following reporting
year longer than H1 ones. Corporate disclosure calendars now shape the vintage curve directly.
Forward
Policy
Imports are the structural overhang
Singapore targets around 6 GW of low-carbon electricity imports by 2035 — roughly a
third of demand — with conditional approvals already covering 3.4 GW of Indonesian projects.
Today's Singapore I-RECs sit outside any operational cross-border trading framework, so the
premium survives. As imported low-carbon power arrives inside the market boundary, the scarcity
that creates the premium is the thing most at risk. Data-centre demand, including operators
weighing imported renewables for new Singapore sites, is the main counterweight.
What this dashboard cannot tell you
Known limitations
TIGR prices No public data
No price reporting agency assesses Singapore TIGRs. TIGR pricing is explicitly not unified
across brokers and issuers, so there is no benchmark to compare against I-REC — the entire
spread panel is a constructed framework.
To make it real: collect dated broker indications for Singapore TIGRs from
T-RECS.ai / APX-registry intermediaries and replace the discount function with observed prints.
VWAP Not published
Platts and Argus publish assessed midpoints and bid/offer levels, not volume-weighted
transaction prices. Only one traded volume for this market appeared anywhere in public
reporting across the whole 18 months.
To make it real: a licensed Platts feed plus broker trade logs, or registry
transfer records with counterparty volumes.
Monthly granularity Sparse
Platts assesses this market daily — the data exists, it is simply licensed. Only 3 of
18 months have a free, citable print, so the monthly line is mostly interpolation and will not
capture intra-month volatility or the true depth of the April 2026 trough.
To make it real: pull symbols IRSYA00 / IRSYE00
(previous-year) and IRSYB00 (current-year) from your Platts entitlement.
Liquidity Proxy only
No broker or exchange publishes bid/offer counts, order-book depth or cleared volumes for
Singapore RECs. The spread-tightness component is held flat across all 18 months because only a
single public bid/ask snapshot exists.
To make it real: daily bid/ask history plus monthly I-TRACK Singapore
issuance and redemption tables would let all three components move independently.
The vintage roll Confounded
The "current-year" series changes instrument on 1 January. Part of the drop from ~$37 in
Jan 2026 to $19.30 in April is vintage 2025 giving way to vintage 2026, not price decay alone.
Reading the fall as a single continuous move overstates it.
To make it real: hold each vintage as its own continuous series across the
roll — a licensed feed supports this; the public prints do not.
Offer-side anchors Skewed high
The May 2025 anchor is an offer range (S$80–85) recorded in a month where "few deals
closed." Using it as a mid biases the 2025 half of the curve upward, which in turn overstates
the measured 18-month decline.
To make it real: replace with the assessed midpoint for the same date.
Sources
All figures traceable
Platts assessed Singapore solar I-RECs vintage 2026 at S$26/MWh ($19.30/MWh) on 23 Apr 2026; thin liquidity, single ~300 GWh trade, shift to PPAs/vPPAs — S&P Global Energy, 24 Apr 2026
Argus last assessed current-year Singapore solar I-RECs on 20 Aug 2026 at $24.50/MWh; Malaysia $3.20, Vietnam $0.32 — Argus Media, 27 Aug 2026
2025 Singaporean solar I-RECs averaged $75/MWh in Feb 2025, down $3.10 on the month; Singapore redemptions −80% YoY to 136 GWh — Argus Media, 10 Mar 2025
Singapore vintage-2024 solar I-RECs dropped 14.8% MoM to S$72/MWh; regional thin liquidity and oversupply — S&P Global, 24 Apr 2025
Vintage-2025 offers S$80–85/MWh with few deals closed; currency pressure and muted corporate demand — S&P Global, 16 Jun 2025
Platts gives H2 vintages priority from 1 Jun 2026; trade activity concentrates in H2; CDP 21-month vintage window used by RE100 filers; symbols IRSYA00 / IRSYE00 — S&P Global Platts methodology note, 1 Jun 2026
Launch of daily Singapore I-REC assessments, four vintages, min 1 GWh, SGD/MWh at 16:30 Singapore; issuance +284% and redemption +113% — S&P Global Platts, 27 Jan 2025
Platts Global Renewables Certificates specifications — Singapore solar, vintage and timing rules — Specifications Guide (PDF)
"I-REC: India, Singapore drift lower on muted demand" (Jul 2025) and "buyers exit Singapore" (Aug 2025) — QCIntel, 22 Aug 2025
China ceased I-REC issuance after the 2024 vintage, final issuance 31 Mar 2025, transition to GEC; 21+ month vintage holding fees — Hestiya market insights, 7 Feb 2026
Target of ~6 GW low-carbon electricity imports by 2035, about one third of demand — Energy Market Authority; 3.4 GW of Indonesian projects conditionally approved — S&P Global, 17 Oct 2025
Scope 2 / ISO 14064-1 / RE100 market-boundary expectation for Singapore claims — Climate Impact X, Apr 2026