The REC Monthly Price Hourly Component is calculated in the same manner for all projects. This term is defined in the Indexed REC Contract. In accordance with the Fall 2022 Indexed REC Rules and Contract, a Bidder will select an “Index Hub”, either MISO-IL Hub or PJM-NIHUB, for each Project for which a Bid is submitted in the bid form. A Bidder may choose either the MISO-IL Hub or PJM-NIHUB regardless of whether the Project is or will be interconnected with MISO or PJM. Depending on this selection, the Index Price ($/MWh), for purposes of payment under the Indexed REC Contract, is either the hourly Real-Time Locational Marginal Price for the MISO Real-Time Energy Market for the Illinois Hub, or the hourly Real-Time LMP for PJM Real-Time Energy Market for the Northern Illinois hub. Thus, a project specific PPA price cannot be used as the Index Price.
Please note that there is a comment process that will take place prior to the issuance of the Summer 2023 procurement’s RFP Rules and Contract and elements of the Fall 2022 Indexed REC Rules may be subject to change. Please see the Calendar posted on the procurement website for deadlines regarding this comment process.