Nuclear-based EFECs Trade 675,000 MWh on Xpansiv CBL in First Week
NEW YORK, LONDON, SYDNEY —December 9, 2025— Xpansiv, the leading infrastructure provider for the global energy transition markets, and Constellation, the nation’s largest producer of emission-free energy and a leading energy supplier to businesses, homes and public sector customers, launched clean energy-based annual emission-free energy certificates (EFECs) on Xpansiv’s CBL spot exchange on December 2, with first week volume totaling 675,000 megawatt hours (MWh).
The launch of this new EFEC trading platform on CBL meets growing interest in emission-free energy generation to power growing demand from data centers, electric vehicles, and other sources.
“The launch of trading on the CBL spot exchange has enhanced transparent price discovery, centralized liquidity formation, and streamlined market access for EFECs, which are an increasingly important class of clean-energy instruments,” said Russell Karas, Senior Vice President, Xpansiv. “We look forward to further developing CBL’s clean-energy certificate markets, which support the growth of emission-free energy sources by power producers and consumers at the forefront of the global energy transition.”
The new instrument attracted interest from a range of companies. First week participants included Mercuria Energy America, LLC, Constellation, SmartestEnergy US, and Skyview Ventures.
“Given the significant increase in energy demand, low-carbon and carbon-free energy sources are critical to making sure the world can deliver on its emissions goals,” said Adam Raphaely, Managing Director of Trading at Mercuria Energy America, LLC. “Mercuria is pleased to support the development of new solutions, and we believe the EFEC product on CBL will be a useful tool for companies to further their climate ambitions.”
“We are pleased to support EFEC trading on CBL as part of our ongoing focus to provide a comprehensive suite of commercial products that help customers meet their environmental goals,” said Chima Dike, Senior Vice President, Portfolio Management and Analysis, Constellation.
“Integrating EFECs into the CBL platform allows us to broaden our market involvement and better serve Skyview clients who are actively seeking clean energy solutions,” said Andy Karetsky, President of Skyview Ventures. “Skyview and Xpansiv have a history of innovating in the environmental attribute markets, and this new development has the potential to improve both liquidity and transparency for clean-energy certificate markets.”
Xpansiv’s CBL is the largest spot exchange for energy attribute energy certificates (EACs) and carbon credits. Exchange-matched trades were settled on a T+0 cycle via CBL’s post-trade infrastructure, which is integrated with PJM, where the exchange-listed EFECs are managed, and 15 other environmental commodity registries.
To further advance the emission-free energy market, Xpansiv will leverage its North American Renewables Registry (NAR) to issue nuclear energy-based Zero-Emission Certificates (ZECs). NAR supports comprehensive traceability throughout the ZEC lifecycle, from issuance to retirement. As one of the largest renewable energy certificate (REC) registries in the U.S., Canada, and Mexico, NAR supports more than 90 gigawatts of renewable energy capacity.
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