Archives

Indexed REC-78: During the Term of the Indexed REC Contract can a Seller replace cash posted as performance assurance with a letter of credit?

Yes, this is possible. Cash posted as performance assurance may be replaced with a letter of credit under the Indexed REC Contract. The request for cash to be returned may be made to each company following the posting of an acceptable Letter of Credit to each of the companies. It is Seller’s responsibility to ensure … Continue reading During the Term of the Indexed REC Contract can a Seller replace cash posted as performance assurance with a letter of credit?

Indexed REC-77: If I have a 10MW project proposed at this stage and decide later on to build this into a larger project (such as a 25 MW project), can I bid RECs from the size increase into a subsequent procurement? How may I ensure that I only transfer the RECs for a portion of the project that I had originally intended based on the 10MW project size?

As part of the Part 1 Proposal, the Bidder will be required to confirm that the Project being proposed under the Indexed REC RFP has or will have a separate revenue quality meter and will have its own account within PJM EIS GATS or M-RETS. Please refer to FAQ-Indexed REC-40 for additional information on bidding … Continue reading If I have a 10MW project proposed at this stage and decide later on to build this into a larger project (such as a 25 MW project), can I bid RECs from the size increase into a subsequent procurement? How may I ensure that I only transfer the RECs for a portion of the project that I had originally intended based on the 10MW project size?

Indexed REC-65: Does the Indexed REC Contract account for degradation in the calculation of the Delivery Year Requirement with respect to utility scale solar projects and brownfield site photovoltaic projects?

For purposes of calculating the Delivery Year Requirement under the Indexed REC Contract for the Summer 2024 Indexed REC RFP, the annual quantity in the Indexed REC Contract related to a utility-scale solar project or a brownfield site photovoltaic project is subject to a degradation factor that is calculated using the Degradation Rate designated by … Continue reading Does the Indexed REC Contract account for degradation in the calculation of the Delivery Year Requirement with respect to utility scale solar projects and brownfield site photovoltaic projects?

Indexed REC-64: During the Term of the Indexed REC Contract can a Seller replace the initial letter of credit with a replacement letter of credit or cash?

Yes this is possible. The letter of credit may be cancelled consistent with the terms of the letter of credit and replaced with another letter of credit or cash. It is Seller’s responsibility to ensure Seller’s Performance Assurance is maintained pursuant to Article 7 of the Indexed REC Contract. Please note the “Account Party” defined … Continue reading During the Term of the Indexed REC Contract can a Seller replace the initial letter of credit with a replacement letter of credit or cash?

Indexed REC-63: What is the definition of a strike price? How is the strike price used for payment under the Indexed REC Contract?

As defined in the IPA Act, “Strike price” means a contract price for energy and renewable energy credits from a project. The strike price ($/MWh) in the Bid and the Index Price ($/MWh) that corresponds to the Index Hub selected in the bid form will be used for purposes of calculating the REC Monthly Price, … Continue reading What is the definition of a strike price? How is the strike price used for payment under the Indexed REC Contract?

Indexed REC-61: Is it a requirement to utilize both Equity Eligible Contractors and Equity Eligible Persons to meet the Minimum Equity Standard of 10%? Or could this requirement be met using EECs or EEPs?

There is no requirements to utilize Equity Eligible Contractors (EECs) to meet the Minimum Equity Standard. As defined in the Indexed REC Contract, “Minimum Equity Standard” means specific requirements provided in Section 1-75(c-10) of the IPA Act, for which a minimum percentage of the Project Workforce must consist of Equity Eligible Persons or Equity Eligible … Continue reading Is it a requirement to utilize both Equity Eligible Contractors and Equity Eligible Persons to meet the Minimum Equity Standard of 10%? Or could this requirement be met using EECs or EEPs?