FirstEnergy Corp., a leading energy company, has recently issued a Request for Proposals (RFP) to purchase renewable energy credits (RECs) compliant with Ohio regulations for its Ohio subsidiaries: Ohio Edison, The Illuminating Company, and Toledo Edison. This initiative is in line with the companies’ commitment to fulfill their renewable energy targets laid out under Ohio’s alternative energy law by 2023.

The RECs sought in this RFP must meet specific criteria:

1. Eligible for compliance with the companies’ 2023 renewable energy obligations.
2. Sourced from generating facilities certified in accordance with rules and procedures established by the Public Utilities Commission of Ohio (PUCO).
3. Deliverable through PJM Environmental Information System Generation Attribute Tracking System (EIS GATS) and generated between January 1, 2021, and December 31, 2023.

Collectively, the companies plan to acquire 570,000 RECs, potentially including solar renewable energy credits. Each REC represents the environmental attributes of 1 megawatt-hour (MWh) of generation from a PUCO-qualified renewable facility. The cost of these RECs will be recovered from the utility’s standard service offer customers through a quarterly filed monthly charge with the PUCO.

It is essential to note that this RFP solely focuses on the purchase of RECs, and no energy or capacity will be acquired during this process. There are no limitations on the number of individual bidders, but participation in the RFP requires meeting specific credit and security qualifications. In addition, participants must demonstrate that their REC generating facilities are certified or undergoing certification by the PUCO.

The RFP process is being diligently managed by CRA International Inc., an expert firm in competitive processes. Based on the RFP results, FirstEnergy’s Ohio utilities will proceed to enter into agreements with the winning suppliers to obtain the necessary quantities of RECs.

Interested parties looking to participate in the RFP are strongly encouraged to submit credit applications by November 17. The deadline for proposal submissions is November 28.

This RFP underscores FirstEnergy’s commitment to sustainable energy practices and reinforces their dedication to meeting Ohio’s renewable energy targets. By actively seeking reputable suppliers who can provide compliant RECs, the company is furthering its contribution to a greener future and supporting the growth of Ohio’s renewable energy sector.

Disclaimer: The information provided in this research report is for informational purposes only and should not be interpreted as financial or investment advice. The energy market is highly volatile, and readers should conduct thorough research before making any investment decisions.