If the Commission accepts the results of the procurement event, the Bidder receives a communication from the Procurement Administrator noting that it has received a partial award. The Bidder may at that time state whether it intends to accept or reject the award.
The Performance Assurance is provided to the Companies. A representative from each Company will contact you with further instructions on October 10, 2018, the date that the ICC renders its decision on results of procurement event. The Supplier Fees are paid to the Illinois Power Agency (“IPA”). The Procurement Administrator will provide instructions regarding the … Continue reading Is Performance Assurance under the REC Contract provided to the Illinois Power Agency (“IPA”)?
The lists of optional changes to the (AIC) Form of Guaranty and the (MEC) Form of Guaranty are available under the FINAL Fall 2018 Wind REC Contract header on the Final Materials page of the procurement website. These do not appear in the Contract Insert because the Guarantor prepares the guaranty for AIC and MEC … Continue reading I see the optional changes to the Guaranty in Contract Insert #P2-5 for ComEd only. Does that meant that AIC and MEC will not accept changes to the Guaranty?
Yes, cash is an acceptable form of Performance Assurance under the REC Contract.
The Supplier Fee is $0.18 times the Annual Quantity of RECs bid for a Project (which is equivalent to about $0.012 per REC assessed on the anticipated quantity of RECs over the entire 15-year delivery term). The RECs from a Project selected through the Utility-Scale Wind RFP and approved by the Illinois Commerce Commission will … Continue reading What is the final Supplier Fee and what are the final percentages that will be used to allocate RECs to the Companies?
Bids are binding. Each Bidder acknowledges that the price in the Bid constitutes a binding and irrevocable offer to supply RECs from the Project at that price under the terms of the REC Contract and the quantity in the Bid is the annual quantity in the REC Contract aggregated across all Companies. In the Part … Continue reading Are there consequences if a Seller’s Bid is approved by the Commission and the Seller does not execute the REC Contract?
No. All modifications that were included in the preliminary list of acceptable modifications are included (unchanged) in the final list of acceptable modifications for the Pre-Bid Letter of Credit for each Company.
Under the REC Contract, Performance Assurance is due within 5 business days of notice from Buyer whenever the Collateral Threshold is less than the Collateral Requirement. Buyer is expected to provide such notice on the day of approval of the results of the procurement event by the Illinois Commerce Commission so that Performance Assurance is … Continue reading Can you clarify when Performance Assurance is due?
It is the responsibility of the Seller to evaluate such risks.
All bid assurance collateral remains in place at least until the Commission has rendered a decision on the results of the procurement event. A Company may draw upon the letter of credit or a cash deposit if: (i) the Bidder or a Seller has disclosed information relating to the Proposal for a Project publicly or … Continue reading Can you explain the circumstances that would lead to bid assurance collateral not being returned (i.e., being drawn upon)? If it is returned, when is it returned?