Mar 5 2010
PECO has entered into 10-year agreements to buy 6 MW of solar power that is equivalent to 80,000 solar energy credits. The purchases were made to support Alternative Energy Portfolio Standards in Pennsylvania. The average price of the solar power per megawatt hour works out to $256.57.
An area that is equal to eight football fields is required to deploy the solar panels to manufacture the purchased 6 MW, which is enough to meet the electricity needs of 1,000 households for 10 years. The purchases by the company results in environmental benefits that is equal to planting over 48,000 acres of trees.
Since 2008, PECO has purchased other renewable energy credits of over 450,000 MWh and the latest purchases by the company will add to the total. PECO is the state’s first utility to purchase and bank renewable energy credits.
PECO president and CEO, Denis P. O’Brien, said the green energy purchases demonstrate the company’s commitment to the environment as well as to provide renewable energy to its customers. The initiative by the company will help to enhance the demand for renewable energy and to advance clean energy technologies.
As per the AEPS legislation, customers of PECO should be supplied with 3.5% renewable energy by the year 2011. The requirements of the AEPS legislation are evaluated by renewable energy credits, which are sold by the power producers. One MWh of renewable energy generated is equal to one renewable energy credit.
Source: www.peco.com