Rhode Island Energy issues new opportunity to bring more offshore wind to Rhode Island

Rhea-AI Summary

Rhode Island Energy issues RFP for 1200 MW of offshore wind to power the state's energy needs.

Positive

• Rhode Island Energy is seeking to secure an additional 1200 MW of offshore wind to meet the state's energy needs.
• The 1200 MW RFP is the largest renewable energy solicitation ever sought for Rhode Island.
• The RFP offers developers a unique opportunity to think creatively about meeting clean energy and economic development goals.
• The solicitation could provide greater economies of scale for developers and spur innovation and competitive pricing from offshore wind developers.

Negative

• None.

Company issues Request For Proposals (RFP) for 1200 MW of offshore wind to power Rhode Island.

PROVIDENCE, R.I., Oct. 13, 2023 /PRNewswire/ -- Rhode Island Energy announced today that it has issued a Request for Proposals (RFP) to secure an additional 1200 MW of offshore wind to help power the state's energy needs. The 1200 MW RFP is the largest renewable energy solicitation ever sought for Rhode Island.

The Company issued its RFP just a week after Connecticut, the Commonwealth of Massachusetts, and the state of Rhode Island signed a memorandum of understanding (MOU) that could allow for a coordinated multi-state selection of offshore wind opportunities as each state seeks their own procurements in a similar time frame.

"Bringing more affordable offshore wind opportunities to Rhode Island and our region is a key priority for us," said Dave Bonenberger, president of Rhode Island Energy. "We know there's a sense of urgency to get more renewables online and we believe this next RFP will give developers a new, unique opportunity to think creatively about how they can meet the state's clean energy and economic development goals, while balancing our customers' affordability needs."

Rhode Island is home to the nation's first offshore wind farm that sits in waters off Block Island. Transmission upgrades are already underway for a second offshore wind project, known as Revolution Wind, which will bring more than 700 MW of energy to Connecticut and Rhode Island. 

"With a larger capacity available, a streamlined application process, additional flexibility on contract durations, and the potential for multi-state coordination, we believe this solicitation could provide greater economies of scale for developers," said Bonenberger. "We're providing more tools to help drive affordable offshore wind opportunities to our state and we look forward to seeing how it spurs innovation and competitive pricing from offshore wind developers."

The full 2023 RFP will be available for review at www.ricleanenergyrfp.com later today. Developer bids can include proposals less than or up to approximately 1200MW. As part of the solicitation, Rhode Island Energy is seeking bids from potential developers to enter into long-term power purchase agreements (PPAs) for energy and renewable energy certificates (RECs) from newly developed offshore wind projects pursuant to the state's Affordable Clean Energy Security (ACES) Act.

As outlined in the RFP, responding bids will be received through Jan. 31, 2024, with any winning bidder(s) announced in summer 2024. Responses to the RFP would be evaluated by Rhode Island Energy in consultation with the state's Office of Energy Resources and Division of Public Utilities and Carriers. Any future PPAs agreed to by Rhode Island Energy will be subject to review and approval by the Rhode Island Public Utilities Commission (PUC).

About Rhode Island Energy
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 of 1,300 employees 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

 

View original content:https://www.prnewswire.com/news-releases/rhode-island-energy-issues-new-opportunity-to-bring-more-offshore-wind-to-rhode-island-301956471.html

SOURCE Rhode Island Energy

FAQ

What is the purpose of the RFP?

The RFP aims to secure 1200 MW of offshore wind to power Rhode Island.

What is the significance of the RFP?

It is the largest renewable energy solicitation ever sought for Rhode Island.

What opportunities does the RFP offer developers?

The RFP offers developers a unique opportunity to think creatively and drive affordable offshore wind opportunities.

When will the winning bidder(s) be announced?

The winning bidder(s) will be announced in summer 2024.

Who will evaluate the responses to the RFP?

Rhode Island Energy, in consultation with the state's Office of Energy Resources and Division of Public Utilities and Carriers, will evaluate the responses.

What is the deadline for submitting bids?

Bids can be submitted until Jan. 31, 2024.