The Salt River Project (SRP) board of directors has voted to raise SRP's sustainable portfolio goals and approve revisions to the Sustainable Portfolio Principles. The Sustainable Portfolio Principles, which were established in 2004 and revised in 2006, direct SRP's acquisition and use of renewable energy resources as well as efforts toward energy efficiency, the Arizona-based utility says.
With this latest vote, the board has set a goal to meet 20% of SRP's retail electricity requirements through sustainable resources by 2020. Currently, SRP is ahead of schedule, providing about 7% of retail energy needs with sustainable resources, including renewable energy, conservation, efficiency and pricing measures.
In addition, under the proposal, SRP will meet 9% of its retail electricity requirements through sustainable resources in fiscal-year 2012. Management will have the authorization to purchase renewable energy credits to account for up to 25% of the sustainable portfolio.