During the past month First Energy Corporation, the large investor-owned utility serving customers across Pennsylvania and Ohio issued two separate requests for proposals seeking the supply of renewable energy credits from qualified sources. Last week the utility issued a bid in Ohio seeking RECs from a wide variety of generation sources, a small portion of which is reserved specifically for solar. The Pennsylvania bid, which was issued in late September, seeks RECs from solar generation sources only and is due by the end of next week.
A renewable energy credit is the non-power attributes associated with the production of 1 megawatt-hour of electricity from a qualified source. By permitting owners of a renewable energy system to unbundled the environmental benefits from the physical energy it allows them to sell the attributes to interested buyers anywhere in the country. These buyers come in many forms, but always involve entities that wish to offset their consumption without having to develop additional renewable energy systems.
At Energy Acuity we frequently track solicitations being issued by large investor-owned utilities seeking the supply of renewable energy credits. These bids generally come from utilities operating in states that have established a renewable portfolio standard and are looking to full fill that obligation without having to develop a new generation. Owners and brokers should keep a close watch on the solicitations pages of these utilities as many will continue to purchase RECs in order to comply with state law. For more information on how Energy Acuity can assist you in the REC bidding process please visit our website to schedule a demo.
Sources: EPA, Energy Acuity
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