Bid assurance collateral posted will not be returned prior to a decision of the Commission on the procurement event. The treatment of bid assurance collateral after the Commission decision depends on whether the Bidder has Bids approved by the Commission and on the nature of the bid assurance collateral (as cash or as a Pre-Bid Letter of Credit).
For example, if the Bidder has no Bids approved by the Commission, or if the cash tendered as bid assurance collateral exceeds the cash deposit due under the SPV contract (e.g., collateral posted for 2,000 RECs of a speculative quantity but only 500 RECs of this speculative quantity are bid and won), the Bidder may request the return of cash. Alternatively, the Bidder may elect to maintain the balance of the cash on deposit with the IPA for use as collateral in a future procurement event under the SPV RFP. Any request for return of cash must be in the form of an invoice to the Illinois Power Agency. If the Bidder has Bids approved by the Commission, the cash tendered as bid assurance collateral may be used for purposes of the cash deposit under the SPV contract (provided that additional cash or a Letter of Credit is provided for any balance due).
If the Bidder provided a Pre-Bid Letter of Credit as bid assurance collateral, the Pre-Bid Letter of Credit will expire on the date stated as part of its terms. Alternatively, the Bidder may: (i) provide any special instructions for return of the Pre-Bid Letter of Credit in the Part 2 Proposal; or (ii) provide an amendment to the Illinois Power Agency to amend the Expiration Date of the Pre-Bid Letter of Credit to use this same Pre-Bid Letter of Credit for participation in a future procurement event under the SPV RFP (at this time, an amendment to the amount of the Pre-Bid Letter of Credit may be made as well).
Additional instructions will be provided to Bidders with their notifications following the Commission decision on the procurement event.