FirstEnergy Ohio Utilities Launch Request for Proposal for 2022 Renewable Energy Credits

Rhea-AI Summary

FirstEnergy Corp. (NYSE: FE), based in Akron, Ohio, announced a Request for Proposal (RFP) to buy 470,000 Ohio-compliant Renewable Energy Credits (RECs) for its utilities, including Ohio Edison, The Illuminating Company, and Toledo Edison. This initiative aims to meet the 2022 renewable energy targets set by Ohio's alternative energy law. The RFP is managed by Guidehouse Inc. and focuses on RECs generated between Jan. 1, 2020, and Dec. 31, 2022. Interested bidders must meet credit qualifications, with proposals due by Nov. 9, 2022.

AKRON, Ohio, Oct. 10, 2022 /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' 2022 renewable energy targets established under Ohio's alternative energy law.

RECs sought in this RFP must be eligible for compliance with the companies' 2022 renewable energy obligations, be sourced from generating facilities certified 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 Jan. 1, 2020, and Dec. 31, 2022. The companies plan to purchase 470,000 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 the utility's standard service offer 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., 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 Oct. 17, 2022, at 11 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 Nov. 1, 2022, and proposals are due Nov. 9, 2022 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 integrity, 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 approximately 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.

 

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SOURCE FirstEnergy Corp.

FAQ

What is the purpose of the FirstEnergy RFP issued on Oct. 10, 2022?

The RFP aims to purchase 470,000 Ohio-compliant Renewable Energy Credits (RECs) to meet the 2022 renewable energy targets established under Ohio's alternative energy law.

What are the deadlines for the RFP process for FirstEnergy's Renewable Energy Credits?

Credit applications are due by Nov. 1, 2022, and proposals must be submitted by Nov. 9, 2022, by 5 p.m. EPT.

Who is managing the RFP process for FirstEnergy's Renewable Energy Credits?

The RFP process is managed by Guidehouse Inc., an independent evaluator with expertise in energy markets and renewables.

What is the significance of the Renewable Energy Credits (RECs) for FirstEnergy?

The RECs represent the environmental attributes of renewable energy generation that FirstEnergy's Ohio utilities must acquire to comply with state regulations.