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AEP Ohio Submits Level of Proposed Nonbypassable Surcharge for Solar Project
July 5, 2011
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AEP Ohio has submitted proposed levels for a nonbypassable Generation Resource Rider to be included under its electric security plan for the period beginning January 1, 2012 (11-348-EL-SSO).
The nonbypassable rider, to recover costs of the 49.9 MW Turning Point Solar Project, was anticipated in AEP Ohio's original electric security plan filing, but the Turning Point Solar agreement had not yet been finalized and a calculation of the rider could thus not be included.
The energy, capacity, and RECs from the Turning Point Solar facility will be dedicated to meet the needs of AEP Ohio customers and will contribute to meeting the annually increasing solar benchmarks established by SB 221 for all AEP Ohio customers.
AEP Ohio said that it plans to bank any excess RECs produced for future compliance, but, should it choose to sell the RECs, any realized revenues from any such sales would be credited 100% towards reducing the total costs incurred in the Generation Resource Rider.
The nonbypassable Generation Resource Rider, which would be implemented with the in-service date of the project which is expected to be January 1, 2013, would be as follows:
Residential: 0.025 cents per kWh
GS-1: 0.01847 cents per kWh
GS-2: 0.01485 cents per kWh
Based on the plant's revenue requirement and current information on the operation and output of the facility, it is estimated that the levelized cost of the facility over the life of the project is $257 per MWh.
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