AKRON, Ohio, Sept. 30, 2015 /PRNewswire/ — FirstEnergy Corp. (NYSE: FE) today announced a Request for Proposal (RFP) 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 Companies’ 2015 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 Companies for compliance with its 2015 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, 2013, and December 31, 2015. The following amounts are being sought:
- 6,800 SRECs
- 233,000 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(s) with winning suppliers to purchase the necessary quantities of RECs and SRECs.
The FirstEnergy Ohio utilities have established a website to provide bidders with a central source of documents, data and other information for the RFP process. This information is available by accessing http://www.FEOhioRECRFP.com.
On October 7, 2015, at 11:00 a.m. Eastern Prevailing Time (EPT), the FirstEnergy Ohio utilities and their consultant, Navigant, will conduct a webinar to outline the RFP process and the terms of the agreement, as well as to provide a forum to submit any questions. Questions also may be submitted during the RFP process directly through the RFP website.
To participate in the RFP, potential bidders are encouraged to submit credit applications by October 28, 2015, and proposals are due November 4, 2015 by 5 p.m. EPT.
The RFP Manager is Dan Bradley, Director, Navigant Consulting, Inc. He can be reached via email at manager@FEOhioRECRFP.com.
FirstEnergy is a diversified energy company dedicated to safety, reliability and operational excellence. Its 10 electric distribution companies form one of the nation’s largest investor-owned electric systems, serving customers in Maryland, Ohio, Pennsylvania, New Jersey, New York and West Virginia. Its generation subsidiaries control more than 20,000 megawatts of capacity from a diversified mix of scrubbed coal, non-emitting nuclear, natural gas, hydro, pumped-storage hydro and other renewables. Follow FirstEnergy on Twitter @FirstEnergyCorp.