PPL EnergyPlus Buying Renewable Energy Credits from West Virginia Wind Farm
Contract is part of company’s strategy to expand renewable energy activities
Continuing its commitment to support the development of renewable energy projects, PPL EnergyPlus, the energy marketing arm of PPL Corporation (NYSE: PPL), said Thursday (10/18) that it will buy half of the renewable energy credits produced by a new wind farm in West Virginia.
“Encouraging the development of renewable technology is environmentally smart and it is also good business for PPL,” said Joe Hopf, president of PPL EnergyPlus. “We are committed to building our renewable energy portfolio. Agreements such as this one position PPL EnergyPlus for the present and future and provide renewable project developers with some financial certainty for their project development.”
PPL EnergyPlus will buy half of the renewable energy credits generated by the first phase of the 164-megawatt NedPower Mount Storm Wind Project, owned by Shell WindEnergy Inc. and Dominion Energy in Grant County, W.Va., over the next several years.
Specific terms of the agreement with Shell Energy North America, the Houston-based energy marketing and trading subsidiary of Royal Dutch Shell plc, were not announced.
Hopf said taking an aggressive approach to PPL’s renewable portfolio gives PPL EnergyPlus greater flexibility to develop potential renewable energy offerings for both the compliance and voluntary markets.
“Shell Energy is pleased to have worked with PPL to arrange this sizable transaction, which supports the development of critical renewable energy initiatives in North America. Through our access to opportunities, such as those from our Shell affiliates, Shell Energy is well-positioned to offer viable environmental products across a range of businesses and industries,” said Mark Quartermain, Shell Energy, senior vice president
PPL continues to expand its own renewable energy portfolio. Through its subsidiary, PPL Renewable Energy, the company will invest at least $100 million to develop new solar, wind, biomass and landfill gas renewable energy operations in the next five years. PPL has been developing these projects since 2000, and currently has 11 operating facilities.
Renewable energy credits are created when renewable energy is generated. Each credit represents one megawatt of renewable energy generation for one hour.
Renewable energy credits are required when energy suppliers sell electricity to electric delivery companies in states that have adopted renewable portfolio standards — requirements that a certain amount of electricity supplied is from renewable sources.
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