While some changes have been made to these provisions from the initial draft contract to the final REC Contract, the general concept of a regulatorily continuing clause in the contract will not be changed. From Public Act 099-0906 (“Act”), the objective of the initial forward procurements is the purchase of RECs to satisfy the Illinois Renewable Portfolio Standards over a period of 15 years. To meet this objective, the RECs delivered by the Sellers must satisfy the Renewable Portfolio Standards as may be amended from time to time. The Illinois Power Agency, as the Agency tasked with implementing the Renewable Portfolio Standards through the development of its Long-Term Renewable Resources Plan, will strive to ensure that any such changes are handled fairly and equitably and take into account the interests and needs of all relevant parties.
Revised 8-01-2017 first posted 7-05-2017