Feb 15 2011
Ormat Technologies has signed a 20 year power purchase agreement (PPA) with Hawaii Electric Light Company (HELCO) to supply extra power required by it. The PPA will not be linked with the increase in fossil oil prices during the period.
The PPA accord reached between the two companies is subject to sanction by the Hawaii Public Utilities Commission (PUC). The PUC will sanction the new project after receiving the inputs from the consumer support forum’s Hawaii division.
According to the contracted PPA terms, Puna Geothermal Venture (PGV), owned by Ormat Technologies, has agreed to supply an extra 8 MW of dispatchable geothermal energy at a pre-fixed price for a period of 20 years. The supply accord protects Hawaii Electric Light Company from any type of price increase during the contract period, thus defending its customers from future price increases. The construction of the power plant is almost complete and it is anticipated to commence its full-fledged commercial production following the completion of the electric grid modification process of HELCO, which is anticipated by the third part of 2011.
Puna Geothermal Venture (PGV), situated in the lower Puna District of Hawaii is providing power to the island’s power grid from 1993 and it was taken over by Ormat in 2004. The company continues to invest in renewable energy projects.
Source: http://www.ormat.com/