FirstEnergy Corp.'s subsidiary Pennsylvania Power Co. (Penn Power) has contracted for 19,800 solar renewable energy credits (SRECs). One SREC represents the solar renewable energy attributes of one megawatt-hour of generation from a solar generating facility.
The procurement is part of Penn Power's plan to purchase SRECs to meet the state's alternative energy portfolio standards through 2020. This purchase of SRECs is equivalent to approximately 2,200 MWh of solar power generation annually over the next nine years.
The average cost is $199.09 per SREC, with deliveries scheduled to begin this June and last through May 2020. The results of the procurement were approved by the Pennsylvania Public Utility Commission on March 11.
SOURCE: FirstEnergy Corp.