Rhode Island Energy Announces Latest Milestone to Bring More Offshore Wind to Rhode Island

Rhea-AI Summary

Rhode Island Energy has issued a Request for Proposals (RFP) to secure 600 to 1,000 MW of offshore wind energy, aiming to provide over 70% of the state's estimated 2030 electricity demand with renewable sources. This initiative builds on existing offshore projects and could power approximately 700,000 homes annually. The final RFP, refined after public comments, seeks long-term power purchase agreements (PPAs) for 15 to 20 years. Bids will be collected until February 1, 2023, with winners announced in August 2023, supporting Rhode Island's goal for 100% renewable energy by 2033.

Positive

• Potential to power 700,000 homes with new offshore wind energy.
• Aims to meet over 70% of Rhode Island's 2030 electricity demand.
• Supports the state's 100% renewable energy goal by 2033.

Negative

• None.

Company Issues Request For Proposals (RFP) to secure 600 to 1,000 MW of Offshore Wind to Power Rhode Island

PROVIDENCE, R.I., Oct. 14, 2022 /PRNewswire/ -- Rhode Island Energy announced today that it is issuing a Request for Proposals (RFP) to solicit an additional 600 to 1,000 MW of offshore wind to help power the state's energy needs. Adding to the nation's first offshore wind farm that sits in waters off Block Island and the proposed Revolution Wind project, this additional procurement could help meet over 70% of the state's estimated 2030 electricity demand with carbon-free energy. The new procurement alone has the potential to power about 700,000 homes each year.

"We promised that we would lead when it came to helping Rhode Island meet its clean energy goals, and achieving this latest milestone is proof of our commitment," said Dave Bonenberger, president of Rhode Island Energy. "This procurement is critical to meeting the state's 100% renewable generation goal by the 2033 target and accelerating growth in the local clean energy economy."

On Sept. 6, Rhode Island Energy filed a draft RFP with the Rhode Island Public Utilities Commission (RIPUC), allowing for 30 days of public comment. The final RFP, which will be available for review at www.ricleanenergyrfp.com, takes into consideration many of the comments offered by various stakeholders. As part of the solicitation, required under the state's Affordable Clean Energy Act, Rhode Island Energy is seeking bids from potential developers to enter into long-term power purchase agreements (PPAs) for energy from newly developed offshore wind projects. Any potential long-term contract durations would be between 15 and 20 years.

"While this is just the start in securing more of Rhode Island's clean energy future, it is another significant step forward. I want to thank the Office of Energy Resources, the Division of Public Utilities and Carriers, and our valued stakeholders for their engagement in this process, and our team at Rhode Island Energy for all their work in getting us here," Bonenberger added.

As outlined in the RFP, responding bids will be received through Feb. 1, 2023, with any winning bidder(s) announced in early August 2023. Any PPAs agreed to by Rhode Island Energy will be subject to review and approval by the RIPUC. The goal would be to have any winning project(s) operational to support the state's achievement of its 100% renewable target by 2033.

Rhode Island Energy provides essential energy services to over 770,000 customers across Rhode Island through the delivery of electricity or natural gas. Our team is dedicated to helping Rhode Island customers and communities thrive, while supporting the transition to a cleaner energy future. Rhode Island Energy is part of the PPL Corporation (NYSE: PPL) family of companies addressing energy challenges head-on by building smarter, more resilient and more dynamic power grids and advancing sustainable energy solutions. For more information visit www.RIEnergy.com and stay connected on Twitter, Facebook, and Instagram.

Note to Editors: Visit our media website at www.pplnewsroom.com for additional news about Rhode Island Energy and PPL Corporation.

Contacts:	For news media: Ted Kresse 401.799.7000 TRKresse@rienergy.com
	Rhode Island Energy

 

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SOURCE Rhode Island Energy

FAQ

What is the purpose of the RFP issued by Rhode Island Energy?

The RFP aims to secure 600 to 1,000 MW of offshore wind energy to help meet Rhode Island's electricity needs.

How many homes could be powered by the new offshore wind procurement?

The new procurement could power approximately 700,000 homes each year.

What is the deadline for submitting bids for the RFP?

Bids must be submitted by February 1, 2023.

When will the winning bidders for the offshore wind projects be announced?

Winning bidders will be announced in early August 2023.

How does the new offshore wind initiative affect PPL (ticker: PPL)?

The initiative is part of PPL's commitment to renewable energy, potentially improving its market position and shareholder value.