Posts Tagged ‘FirstEnergy’

FirstEnergy Closes SREC and REC RFP

Posted November 15th, 2011 by SRECTrade.

FirstEnergy’s Ohio utilities announced the close of its Request for Proposal (RFP) for 10 year SREC and REC contracts. The utility issued the RFP seeking 5,000 Solar Renewable Energy Credits and 20,000 Renewable Energy Credits per year for the compliance periods covering 2011-2020.

The utility noted they were able to successfully fill the requested volumes. The contracted supply will allow FirstEnergy to meet its 2011 RPS requirements including the SRECs not retired under their 2010 compliance obligations. The RFP received submissions from 28 qualified participants offering more than two times the requested SREC volumes and four times the requested REC volumes. Contract pricing was not disclosed.

PUCO Grants FirstEnergy Waiver From Solar Requirement

Posted August 10th, 2011 by SRECTrade.

On August 3, 2011, FirstEnergy was granted its “force majeure” application to reduce its 2010 in-state solar requirement from 3,206 Solar Renewable Energy Credits (SRECs) to 1,629 SRECs by the Public Utilities Commission of Ohio (PUCO). The shortfall of 1,577 SRECs will be added onto FirstEnergy’s 2011 solar energy resource (SER) requirements.

On April 15, 2011, FirstEnergy filed an application for force majeure to reduce its SER benchmark from 3,206 SRECs to 1,629 SRECs, the amount it actually acquired in 2010. In its motion, FirstEnergy claimed that it attempted to procure SRECs through requests for proposals (RFPs), SREC brokers, and SREC auctions. Despite its good faith efforts, it only managed to obtain 1,629 SRECs, or 51% of its SER requirements. FirstEnergy cited a lack of supply of in-state SRECs being reasonably available in the market, as well as the impracticability of constructing solar facilities as reasons for its inability to reach its SER target. Further, FirstEnergy was recently approved to conduct an RFP to purchase SRECs through 10 year contracts. The RFP will be used to meet future compliance requirements including any shortfall in 2010 that will be incorporated into its 2011 benchmark.

The full order from the PUCO website can be found here: PUCO FirstEnergy Order.