WASHINGTON, Nov. 27, 2012 /PRNewswire/ -- Through a competitive bidding process conducted by economists at The Brattle Group , FirstEnergy Corp.'s (NYSE: FE) subsidiaries Metropolitan Edison Company, Pennsylvania Electric Company, and Pennsylvania Power Company have successfully solicited contracts for 14,500 Solar Photovoltaic Alternative Energy Credits (SPAECs) annually over a ten-year period. One SPAEC represents the solar renewable energy attributes of one megawatt-hour of generation from a solar generating facility.
The procurement was part of the Companies' Revised Default Service Plan approved by the Pennsylvania Public Utility Commission to competitively procure SPAECs to meet the state's Alternative Energy Portfolio Standards.
The average cost to the Companies is $61.60 per SPAEC, with deliveries scheduled to begin in June 2013 and last through May 2023. The results of the procurement were approved by the Pennsylvania Public Utility Commission on November 20, 2012. Costs incurred to meet solar requirements have been reflected in customer bills since January 2011. The costs of the SPAECs purchased in the current RFP will be reflected beginning in June of 2013.
The Brattle Group has extensive experience managing procurement and auction processes for utilities and other owners of electric power assets, including procurements for renewable energy credits and auctions of generation assets and transmission rights. For more information, please contact Stephanie Schwartz at Stephanie.Schwartz@brattle.com or call 1.617.864.7900.SOURCE The Brattle Group
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV