US PPL Electric Utilities to buy 24,000 solar RECs

Aug 15, 2011 - US public utility PPL Electric Utilities, a unit of PPL Corp (NYSE:PPL), has closed its second request for proposals (RFP) for renewable energy credits (RECs) for the year with commitment to buy 24,000 solar RECs.

The supply of RECs will start in June 2012 for an eight-year period, according to PPL Corp statement released last week.

PPL Electric Utilities will buy the solar RECs at a price of USD 107.83 (EUR 74.8) per solar REC, which is lower than USD 149 offered in the first solar RFP earlier this year.

According to Dennis Urban, senior director of Rates and Regulatory Affairs for PPL Electric Utilities, the utility will buy some 10% of its power supply from renewable energy sources.

The company will launch its next RFP for solar RECs in July 2012, aiming to buy 21,000 solar RECs for a seven-year period starting in June 2013.

On August 31, PPL Electric Utilities will issue a RFP for solar RECs from renewable energy credit aggregators with small-scale solar facilities of capacity up to 15 kW, in a bid to acquire 1,100 solar RECs for an eight-year period at USD 107.83 per REC.

(USD 1.0 = EUR 0.694)

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