ACE and JCPL entering into long-term agreements to purchase Solar Renewable Energy Certificates
Atlantic City Electric (ACE) and Jersey Central Power & Light (JCP&L) are conducting a Request for Proposal (RFP) to secure Solar Renewable Energy Certificates (SRECs).
“By entering into long-term agreements to purchase SRECs, we hope to provide a strong financial incentive for increased investment in solar power projects throughout New Jersey,” said John Paganie, vice president, Customer Service & Energy Efficiency, FirstEnergy, the parent company of JCP&L. “In addition, purchasing SRECs also helps us meet the state’s renewable energy requirements.”
“This utility partnership for growing the number of solar renewable energy projects in New Jersey is a testament to our commitment to finding cleaner sources of energy,” said Vince Maione, President, Atlantic City Electric Region.
ACE and JCP&L established a Web site – www.njedcsolar.com – to provide bidders with a central source of documents, data and other information for the RFP process. The RFP manager is NERA Economic Consulting, a global consulting firm with expertise in energy markets and procurement.
One SREC represents the solar renewable energy attributes of one megawatt-hour of generation from a solar generating facility that has been certified by the New Jersey Board of Public Utilities’ Office of Clean Energy.
The RFP process was established to help create long-term agreements to purchase and sell SRECs to provide a stable basis for financing new solar generation projects in the companies’ service areas. A total of 61 megawatts of solar generating capacity – 19 for ACE and 42 for JCP&L – will be solicited to help meet New Jersey Renewable Portfolio Standards. The solicitations will take place over the next three years.
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