FirstEnergy Pennsylvania Utilities complete purchase of Solar Photovoltaic Alternative Energy Credits

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Three FirstEnergy Corp. Pennsylvania utilities recently successfully solicited contracts for Solar Photovoltaic Alternative Energy Credits (SPAECs) covering the 2020 and 2021 energy years.

Metropolitan Edison Company, Pennsylvania Electric Company, and Pennsylvania Power Company solicited the contracts through a competitive bidding process conducted by economists at the Brattle Group.

The average cost to the companies in the recent procurement was $77.06 per SPAEC. Deliveries are scheduled to begin in June 2019 and continue through May 2021. The PUC approved the results of the procurement on March 6. The costs of the SPAECs will be reflected in customer bills starting June 2019.

The procurement was part of the companies’ Default Service Plan Compliance Filing approved by the Pennsylvania Public Utility Commission (PUC) to competitively procure SPAECs to meet the state’s Alternative Energy Portfolio Standards.

One SPAEC represents the solar renewable energy attributes of one megawatt-hour of generation from a qualified solar generating facility.