FirstEnergy Corp. recently announced a Request for Proposal to purchase both Ohio-compliant Solar Renewable Energy Credits (SRECs) and Renewable Energy Credits (RECs) for its Ohio utilities – Ohio Edison, Cleveland Electric Illuminating and Toledo Edison. The purchases will help meet the utilities’ 2018 renewable energy targets established under Ohio’s alternative energy law.
SRECs and RECs sought in this RFP must be able to be utilized by the utilities for compliance with its 2018 renewable energy obligations in accordance with rules and procedures put forth by the Public Utilities Commission of Ohio (PUCO), be deliverable through PJM-EIS GATS, and generated between January 1, 2016, and December 31, 2018. The following amounts are being sought:
– 10,500 SRECs
– 376,500 RECs
One SREC represents the environmental attributes of one megawatt hour of generation from a solar renewable generating facility qualified by the PUCO. One REC represents the environmental attributes of one megawatt hour of generation from a PUCO-qualified renewable generating facility. The cost of the RECs is recovered from utility customers through a monthly charge filed quarterly with the PUCO.
No energy or capacity will be purchased under the RFP. The number of individual bidders is not limited. Participants in the RFP must meet and maintain specific credit and security qualifications and must be able to prove their SREC or REC generating facilities are certified or in the process of becoming certified by the PUCO.
The RFP is a competitive process managed by Navigant Consulting, Inc., an independent evaluator and a global consulting firm with expertise in energy markets, renewables and competitive procurements. Based on the RFP results, the Ohio utilities will enter into agreement with winning suppliers to purchase the necessary quantities of RECs and SRECs.
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