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FirstEnergy utilities in Pennsylvania seek to buy solar credits

Solar power station. Featured Image: worradirek/Shutterstock.com

January 21 (Renewables Now) - Three Pennsylvania utilities owned by FirstEnergy Corp (NYSE:FE) seek to purchase 120,500 Solar Photovoltaic Alternative Energy Credits (SPAECs) annually over a two-year period.

FirstEnergy said in a statement that The Brattle Group will launch a Request for Proposal (RFP) for the purchase of SPAECs by the three utilities, namely Pennsylvania Power Company (Penn Power), Pennsylvania Electric Company (Penelec) and Metropolitan Edison Company (Met-Ed).

The process will start this month, with qualifying applications due by February 5, 2019, and bids due by February 27, 2019. Deliveries of SPAECs are expected this year.

FirstEnergy noted that each winning supplier will enter into a separate deal and will be providing credits in tranches of 500 per year.

The utility group serves customers in Ohio, Pennsylvania, New Jersey, West Virginia, Maryland and New York through 10 electric distribution companies.

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Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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