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Conn. Utilities Outline New Long-Term REC Procurement Program
September 26, 2011
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Connecticut Light & Power and United Illuminating announced that they will issue a Request for Information on or before October 3, 2011 regarding the Low and Zero Emissions Renewable Energy Credit Program required under Sections 107, 108 and 110 of Public Act 11-80.
The program will allow the companies to purchase renewable energy credits directly from qualifying Connecticut Class I renewable projects of varying sizes.
Bidders will sell RECs generated by energy projects within each company's service territory to that company at a fixed price for a fifteen year period.
Eligible Zero Emission and Low Emission projects must have been placed in service on or after July 1, 2011. Zero Emissions projects may not be larger than 1,000 kW, and Low Emissions projects may not be larger than 2,000 kW.
The companies' first year solicitation will be designed to procure Zero Emission REC contracts with an aggregate nominal value of $8 million per year. Subsequent years' solicitations will add similar $8 million/year tranches of contracts annually for up to six years. The prices to be paid for Zero Emission RECs are capped at $350/MWh, and are subject to price adjustments determined by PURA.
Similar solicitations will be conducted for the procurement of Low Emission RECs for up to 5 years and an aggregate nominal value of $4 million per year per annual tranche. Low Emission REC prices will not exceed $200 in the first year and then are also subject to PURA price adjustments.
After issuing the RFI to inform a formal RFP, the utilities expect to file for approval of a solicitation in mid-November, with the RFP issued in March or April 2012.
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