FirstEnergy's Ohio utilities seek to buy SRECs and RECs

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October 4 (Renewables Now) - US electric utility FirstEnergy Corp (NYSE: FE) has issued a Request for Proposal (RFP) to purchase Ohio-compliant Solar Renewable Energy Credits (SRECs) and Renewable Energy Credits (RECs) for its subsidiaries in Ohio.

The company said in a statement on Wednesday that the purchases will help meet Ohio Edison, Cleveland Electric Illuminating and Toledo Edison’s renewable energy targets for 2018. Those utilities will sign deals with winning suppliers to buy the necessary quantities of RECs and SRECs. FirstEnergy’s units are looking to purchase a total of 10,500 SRECs and 376,500 RECs. No energy or capacity will be purchased as part of this process.

The RfP is being managed by independent evaluator Navigant Consulting Inc, which will hold a webinar on October 9 to outline the process. Interested parties can submit credit applications by October 30, 2018, while proposals are due November 6, 2018.

FirstEnergy explained that one SREC represents the environmental attributes of 1 MWh of solar power generation, while a single REC represents the environmental attributes of 1 MWh of generation from a PUCO-qualified renewable energy plant.

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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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