North Carolina Electric Membership Corp. and GreenCo Solutions will purchase renewable energy certificates from an upcoming Duke Energy solar project. GreenCo Solutions’ (owned by electrical co-ops) function is to assist its members in meeting the requirements of NC’s Renewable Energy & Energy Efficiency Portfolio Standard (REPS).
In case you missed it, back in August 2007 when the General Assembly passed Senate Bill 3 , North Carolina became the first state in the Southeast to adopt a Renewable Energy and Energy Efficiency Portfolio Standard (REPS). This law requires large utilities to meet up to 12.5% of their energy needs through renewable energy resources or energy efficiency measures, while rural electric co-ops and municipal electric suppliers are subject to a 10% REPS requirement.
From the NC Utilities Commission Website:
Although the new law sets forth a number of details, these electric power suppliers generally may comply with the REPS requirement in a number of ways, including the use of renewable fuels in existing electric generating facilities, the generation of power at new renewable energy facilities, the purchase of power from renewable energy facilities, the purchase of renewable energy certificates,..
(bold emphasis added).
So the smaller utilities that do not have the financial resources to create their own solar, wind or hog poo power generating facility can just pay Duke Energy. Apparently $204 million in stimulus money just doesn’t go as far as it used to.
So is this where Duke Energy is getting the $10 million for the Democrat Convention in Charlotte?
Surely some renewable energy certificates could be traded from all the hot air to be available at the upcoming Democrat Convention.