PEORIA, Ill., Dec. 16, 2010 /PRNewswire/ -- Ameren Illinois customers and the environment will benefit by Wednesday's Illinois Commerce Commission approval of the Illinois Power Agency's 20-year renewable source electricity procurement agreements.
"IPA Executive Director Mark Pruitt and the ICC are to be congratulated for assuring a long-term future supply of renewable power at fair prices," said Scott Cisel, Ameren Illinois president and chief executive officer.
The Illinois Renewable Standard law requires Ameren Illinois to procure 7 percent of its electricity supply from renewable energy sources in 2012. That grows to 15 percent in 2015 and 25 percent by 2025.
"Today's announcement aligns perfectly with Ameren's commitment to the continued development of sustainable energy resources," said Thomas R. Voss, chairman, president and chief executive officer of Ameren.
"Equally important, these agreements provide long-term price protection for our Illinois customers," Voss said.
Under the agreements, Ameren Illinois will purchase 600,000 megawatt-hours of green energy (wind and solar power) per year for 20 years, providing electricity customers with significant protection against anticipated future increases in the price of renewable power.
"The renewable energy industry needs long-term contracts to help finance the development of the industry. However, because Illinois electricity customers have the ability to choose their electricity supplier, utilities such as Ameren Illinois no longer know how much electricity they will need to supply in the coming years. Structuring today's procurement agreements was no easy task. The IPA and ICC are to be commended for making it happen," Cisel said.
Ameren Illinois has been providing energy delivery service for more than a century. We deliver energy to 1.2 million electric and 813,000 natural gas customers in Downstate Illinois, and our mission is to meet their energy needs in a safe, reliable, efficient and environmentally responsible manner. Our service area covers more than 1,200 communities and 43,700 square miles. For more information, visit AmerenIllinois.com.
SOURCE Ameren Illinois