The Japan Electric Power Exchange (JEPX) announced the FY2025 non-fossil certificate (NFC) auction schedule on June 20, 2025. The auctions will follow a timeline similar to last year’s, with four rounds held between mid-August 2025 and mid-May 2026.
NFCs associated with power generated between power generated in each calendar quarter of 2025 will be sold in each round, starting with those linked to January 1 to March 31, 2025, output in the first round.
During each round, non-FIT non-fossil (e.g., nuclear) NFC auction will launch first. It will be followed by non-FIT renewable NFCs covering generation of solar, wind, and other renewable assets not under the feed-in-tariff scheme (FIT), including those under the feed-in-premium (FIP) scheme, and by FIT NFCs.
Non-FIT certificates are sold by asset owners and are also often traded over the counter. FIT certificates generally account for over 95% of the total volume due to most of the country’s renewable generation continuing to be under the scheme and are sold by the Organization for Cross-regional Coordination of Transmission Operators (OCCTO).
In FY2024, 64.5TWh of NFCs was sold, up from 47.2TWh in FY2023.
