FirstEnergy Ohio Utilities Launch Request for Proposal for 2020 Renewable Energy Credits
FirstEnergy Corp. (NYSE: FE) announced a Request for Proposal (RFP) for Ohio-compliant Renewable Energy Credits (RECs) for its Ohio utilities, including Ohio Edison, The Illuminating Company, and Toledo Edison. The RFP aims to purchase 373,000 RECs to meet 2020 renewable energy targets under Ohio's alternative energy law. RECs must be compliant as per the Public Utilities Commission of Ohio (PUCO) regulations and generated between January 1, 2018, and December 31, 2020. Bidders are required to meet specific credit qualifications, with proposals due by November 10, 2020.
- Initiation of RFP for 373,000 RECs supports compliance with 2020 renewable energy targets.
- Demonstrates commitment to renewable energy and sustainability.
- No direct financial metrics or forecast implications provided.
- Costs of RECs will be passed on to customers, potentially impacting customer satisfaction.
AKRON, Ohio, Sept. 30, 2020 /PRNewswire/ -- FirstEnergy Corp. (NYSE: FE) today issued a Request for Proposal (RFP) to purchase Ohio-compliant Renewable Energy Credits (RECs) for its Ohio utilities – Ohio Edison, The Illuminating Company and Toledo Edison. The purchases will help meet the companies' 2020 renewable energy targets established under Ohio's alternative energy law.
RECs sought in this RFP must be eligible for compliance with the companies' 2020 renewable energy obligations in accordance with rules and procedures put forth by the Public Utilities Commission of Ohio (PUCO), be deliverable through PJM Environmental Information System Generation Attribute Tracking System (EIS GATS), and generated between January 1, 2018, and December 31, 2020. The companies plan to purchase 373,000 RECs, which can include solar renewable energy credits.
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 REC generating facilities are certified or in the process of becoming certified by the PUCO.
The RFP is a competitive process managed by Guidehouse Inc. (Guidehouse), 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.
FirstEnergy's Ohio utilities have a website, http://www.FEOhioRECRFP.com, to provide bidders with a central source of documents, data and other information for the RFP process.
On October 8, 2020, at 11:00 a.m. EPT, the FirstEnergy Ohio utilities and their consultant, Guidehouse, 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 November 2, 2020, and proposals are due November 10, 2020 by 5 p.m. EPT.
The RFP Manager is Dan Bradley, Partner at Guidehouse. He can be reached via e-mail at manager@FEOhioRECRFP.com.
FirstEnergy is 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 Ohio, Pennsylvania, New Jersey, West Virginia, Maryland and New York. The company's transmission subsidiaries operate more than 24,500 miles of transmission lines that connect the Midwest and Mid-Atlantic regions. Follow FirstEnergy on Twitter @FirstEnergyCorp or online at www.firstenergycorp.com.
View original content to download multimedia:http://www.prnewswire.com/news-releases/firstenergy-ohio-utilities-launch-request-for-proposal-for-2020-renewable-energy-credits-301142110.html
SOURCE FirstEnergy Corp.
FAQ
What is the purpose of FirstEnergy's RFP for Renewable Energy Credits?
What is the deadline for submitting proposals for the RFP?
How many Renewable Energy Credits is FirstEnergy looking to purchase?
Who will manage the RFP process for FirstEnergy?
What are the requirements for bidders in the RFP for Renewable Energy Credits?
