On January 24, 2022, the Procurement Administrator posted a revised version of the Preliminary Proposal Requirements and Key Contract Terms originally posted on December 6, 2021. As noted in the revised version, the original document described the forward price curve as a way to calculate an annual payment cap under the Indexed REC Contract. This description was not correct. The preliminary contract terms and proposal requirements provided in that document are entirely superseded by the Final Indexed REC Contract and the Final Indexed REC RFP Rules posted on March 18, 2022. For avoidance of doubt, the forward price curve will be used simply for budget planning purposes only and will not be used to establish an annual cost cap for utility REC purchases in the Spring 2022 Indexed REC RFP.

Additional information on the Forward Price Curve will be included in the IPA’s 2022 Long-Term Renewable Resources Plan.