FirstEnergy Corp. (NYSE: FE) announced that its Ohio utilities – Ohio Edison, Cleveland Electric Illuminating Company and Toledo Edison – have met the 2012 benchmarks for in-state solar renewable energy that were established under Ohio’s energy law.
The benchmarks were met through a successful Request for Proposal (RFP) to secure 10-year Solar Renewable Energy Credits (SRECs).
In Ohio, FirstEnergy supports the development of solar energy resources by purchasing SRECs, which represent the environmental attributes of solar renewable electricity generation. For every megawatt hour of solar renewable electricity generated, an equivalent amount of SRECs are produced.
The RFP sought and procured the delivery of 1,000 SRECs produced by generating facilities throughout Ohio for each calendar year beginning in 2012 and continuing through 2021. There were 38 qualified bids received offering over 15 times the required SRECs being sought under the RFP.