CAMBRIDGE, Mass., Nov. 19, 2014 /PRNewswire/ -- Through a competitive bidding process conducted by economists at The Brattle Group, FirstEnergy Corp.'s subsidiaries Metropolitan Edison Company, Pennsylvania Electric Company, and Pennsylvania Power Company have successfully solicited contracts for 48,500 Solar Photovoltaic Alternative Energy Credits (SPAECs) annually over a two-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' Default Service Plan Compliance Filing 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 $59.11 per SPAEC, with deliveries scheduled to begin in June 2015 and last through May 2017. The results of the procurement were approved by the Pennsylvania Public Utility Commission on November 14, 2014. 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 2015.
The Brattle Group has extensive experience managing procurement and auction processes for utilities and other energy market participants, including purchases and sales of electric power assets such as energy, renewable energy credits, transmission rights, and output and ownership shares in electric power plants. For more information, please contact Stephanie Schwartz at [email protected] or call 1.617.864.7900.
The Brattle Group analyzes complex economic, finance, and regulatory questions for corporations, law firms, and governments around the world. We are distinguished by the clarity of our insights and the credibility of our experts, which include leading international academics and industry specialists. For more information, please visit www.brattle.com.
SOURCE The Brattle Group