Three FirstEnergy Pennsylvania Utilities Launch Request for Proposal for Solar Energy Credits
Sentiment and the balance of points
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Rhea-AI Summary
FirstEnergy Corp. (NYSE: FE) has issued a Request for Proposal (RFP) to acquire 137,000 Solar Photovoltaic Alternative Energy Credits (SPAECs) annually over two years for its Pennsylvania utilities, including Pennsylvania Power Company, Pennsylvania Electric Company, and Metropolitan Edison Company. The RFP will be managed by The Brattle Group, with application submissions due by February 9, 2021, and bids by March 3, 2021. Successful bidders will enter agreements to supply SPAECs starting in 2021, supporting FirstEnergy's commitment to sustainable energy solutions.
Positive
- Issuing RFP for 137,000 SPAECs indicates a commitment to renewable energy.
- Successful agreements from this RFP could enhance sustainability and compliance with energy regulations.
Negative
- None.
Details
News Market Reaction – FE
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READING, Pa., Jan. 19, 2021 /PRNewswire/ -- FirstEnergy Corp. (NYSE: FE) is issuing a Request for Proposal (RFP) to purchase 137,000 Solar Photovoltaic Alternative Energy Credits (SPAECs) annually over a two-year period on behalf of three FirstEnergy Pennsylvania utilities – Pennsylvania Power Company (Penn Power), Pennsylvania Electric Company (Penelec), and Metropolitan Edison Company (Met-Ed).
The RFP process will be conducted by The Brattle Group and will take place in January and February, with qualifying applications due by February 9, 2021, and bids due by March 3, 2021. Bidders in this RFP can offer to sell tranches of SPAECs, where each tranche represents a commitment to sell 500 SPAECs annually over a two-year period with deliveries beginning in 2021. Based on the RFP results, FirstEnergy's Pennsylvania utilities will enter into separate agreement(s) with winning suppliers to purchase the necessary quantities of SPAECs.
Further information about the SPAEC RFP is available on FirstEnergy's website at www.firstenergycorp.com/PA2021SPAECRFP.
FirstEnergy is dedicated to safety, reliability and operational excellence. Its 10 electric distribution companies form one of the nation's largest investor-owned electric systems, serving customers in Ohio, Pennsylvania, New Jersey, West Virginia, Maryland and New York. The company's transmission subsidiaries operate approximately 24,500 miles of transmission lines that connect the Midwest and Mid-Atlantic regions. Follow FirstEnergy online at www.firstenergycorp.com and on Twitter @FirstEnergyCorp.
View original content to download multimedia:http://www.prnewswire.com/news-releases/three-firstenergy-pennsylvania-utilities-launch-request-for-proposal-for-solar-energy-credits-301211072.html
SOURCE FirstEnergy Corp.
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