Pacific Power contracts new sources of renewable energy
Seven renewable energy projects were contracted by Pacific Power on Monday in order to obtain the renewable attributes of those projects and subsequently meet the Renewable Portfolio Standards (RPS) set by Oregon, Washington and California.
Of the seven projects, four are new solar projects located in Oregon supplying power to the PacifiCorp energy grid and are expected to begin operations in the fourth quarter of 2016. Two other acquired solar projects began commercial operation within Utah in the past year. The only acquired wind project is based in Colorado.
“These agreements extend our investment in renewable energy on our customers’ behalf,” Pacific Power Director of Origination Rick Link said. “As the result of our recent request for proposals for renewable resources, we have found these acquisitions to be cost-effective steps we can take to provide customers the cleaner energy they want. In the case of Oregon and the recently passed Clean Electricity and Coal Transition Act, [S.B. 1547B], which increases the Oregon RPS to 50 percent by 2040, these contracts combined with our existing renewable resource portfolio will keep the company in compliance through 2028.”
The seven projects will provide a total energy capacity of 168.5 megawatts (MW), enough to power more than 25,000 homes. Pacific Power will acquire the renewable attributes of each project termed Renewable Energy Certificates (RECs).
PacifiCorp has already agreed to purchase the energy output of the six solar projects, including those existing in Utah and planned in Oregon. Buying the RECs allows PacifiCorp to apply the contracts towards the RPS goals set within the states Pacific Power services.
A one-time rate increase of approximately 1/20th of one percent can be expected for Oregon customers, equating to a five cent increase for a $100 electric bill.
