Announcements


Indexed REC-59: Can the Companies draw upon the pre-bid collateral if the Bid for a Project is selected by the evaluation procedure, and then approved by the Commission, but the Seller does not execute the Indexed REC Contracts with the Companies?

As part of the Part 2 Proposal, the Seller must certify that the Bid constitutes a binding and irrevocable offer to supply the annual quantity of RECs from the Project selected in the evaluation and the Seller agrees that, if the Project is selected in the RFP and the Seller’s Bid on that Project is approved by the Commission, the Seller will execute the Indexed REC Contracts with all Companies as instructed by the Procurement Administrator.
If the Bid for a Project is selected by the evaluation procedure and approved by the Commission, and the Seller fails to execute the Indexed REC Contract, a Company may draw upon the letter of credit or a Company may draw upon a cash deposit.
If bid assurance collateral was submitted for multiple Projects and a draw is required on the bid assurance collateral for one of the Projects, the amount of the draw would not exceed the amount that would have been required as bid assurance collateral for that Project alone.

In addition, please refer to Indexed FAQ-43.