FirstEnergy Ohio Utilities Launch Request for Proposal for 2023 Renewable Energy Credits

Rhea-AI Summary

FirstEnergy Corp. launches Request for Proposal for 2023 renewable energy credits

Positive

• FirstEnergy Corp. has issued a Request for Proposal (RFP) to purchase Ohio-compliant Renewable Energy Credits (RECs) to meet their 2023 renewable energy targets. The company plans to purchase 570,000 RECs, which can include solar renewable energy credits. The cost of the RECs is recovered from the utility's standard service offer customers through a monthly charge filed quarterly with the Public Utilities Commission of Ohio (PUCO).

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• None.

AKRON, Ohio, Oct. 16, 2023 /PRNewswire/ -- FirstEnergy Corp. (NYSE: FE) today issued a Request for Proposal (RFP) to purchase Ohio-compliant Renewable Energy Credits (RECs) for its Ohio subsidiaries – Ohio Edison, The Illuminating Company and Toledo Edison. The purchases will help meet the companies' 2023 renewable energy targets established under Ohio's alternative energy law.

RECs sought in this RFP must be:

• Eligible for compliance with the companies' 2023 renewable energy obligations.
• Sourced from generating facilities certified in accordance with rules and procedures put forth by the Public Utilities Commission of Ohio (PUCO).
• Deliverable through PJM Environmental Information System Generation Attribute Tracking System (EIS GATS) and generated between Jan. 1, 2021, and Dec. 31, 2023.

The companies plan to purchase 570,000 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 CRA International, Inc., a worldwide leader in providing services. 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, www.firstenergy-recrfp.com, to provide bidders with a central source of documents, data and other information for the RFP process.

On Oct. 24, 2023, at 11:00 a.m. EPT, the FirstEnergy Ohio utilities and their consultant, CRA International, 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. 17, 2023, and proposals are due Nov. 28, 2023, by 5 p.m. EPT.

The RFP Manager team can be reached via e-mail at feouRECrfp@crai.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 24,000 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 FirstEnergy Corp. seeking to purchase?

FirstEnergy Corp. is seeking to purchase Ohio-compliant Renewable Energy Credits (RECs).

What are the requirements for the RECs?

The RECs must be eligible for compliance with the companies' 2023 renewable energy obligations, sourced from generating facilities certified by the Public Utilities Commission of Ohio (PUCO), and deliverable through the PJM Environmental Information System Generation Attribute Tracking System (EIS GATS). They must be generated between Jan. 1, 2021, and Dec. 31, 2023.

How many RECs does FirstEnergy Corp. plan to purchase?

FirstEnergy Corp. plans to purchase 570,000 RECs.

How are the costs of the RECs recovered?

The costs of the RECs are recovered from the utility's standard service offer customers through a monthly charge filed quarterly with the Public Utilities Commission of Ohio (PUCO).

How can potential bidders participate in the RFP?

Potential bidders are encouraged to submit credit applications by Nov. 17, 2023, and proposals are due Nov. 28, 2023, by 5 p.m. EPT.

Who is managing the RFP process?

The RFP process is managed by CRA International, Inc.

What is the website for the RFP process?

The website for the RFP process is www.firstenergy-recrfp.com.

When is the webinar for the RFP process?

The webinar will be conducted on Oct. 24, 2023, at 11:00 a.m. EPT.

What is the contact email for the RFP Manager team?

The contact email for the RFP Manager team is feouRECrfp@crai.com.