PPL Electric Utilities has announced the results of its 2011 solicitation for solar renewable energy credits (SRECs), which will help the company provide power from alternative energy sources for residential customers who elect to remain on the utility's default electric supply.
PPL Electric Utilities will purchase 25,500 SRECs, with supply beginning December 2011 for a period of 8.5 years. The price will be $149 per credit. The company received 20 bids from qualified suppliers.
‘This year, approximately 10 percent of the electricity PPL Electric Utilities buys for customers will come from renewable sources,’ says Dennis Urban, senior director of rates and regulatory affairs for PPL Electric Utilities. ‘That number will grow in the coming years under the requirements of the state's Alternative Energy Portfolio Standards Act.’
PPL Electric Utilities' next solicitation for SRECs will occur in July to purchase 24,000 SRECs for an eight-year term beginning in June 2012, the utility says. Additionally, PPL Electric Utilities will launch a solicitation to procure SRECs from renewable energy credit aggregators with small-scale solar facilities that are 15 kW or less in size.