Philadelphia-based PECO, an electric and natural gas utility subsidiary of Exelon Corp., recently signed a five-year agreement with Iberdrola Renewables to purchase 240,000 MWh of wind energy credits.
The wind energy associated with these credits will be generated from Iberdrola Renewables' Providence Heights Wind Farm in Bureau County, Ill.
With the purchase, PECO becomes the first utility in the state to buy and bank renewable energy credits to meet Pennsylvania's Alternative Energy Portfolio Standards (AEPS) requirements in 2011.
‘We are pleased to work with PECO and offer them a product that meets their needs and helps expand the market for wind power,’ says Barrett Stambler, vice president of wind marketing and sales for Iberdrola Renewables. ‘Pennsylvania's AEPS will be a vital driver for wind power and create long-term environmental and economic benefits.’
Pennsylvania's AEPS legislation, enacted in 2004, requires that, by 2011, 3.5% of the energy sold to PECO customers be provided through renewable resources, such as wind, methane gas and biomass. By 2020, this increases to 8% of the total energy sold to customers.