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December 23, 2010: ANNOUNCEMENT: BPU Approves the Results of Round 5

At its meeting on December 16, 2010, The New Jersey Board of Public Utilities (“Board” or “BPU”) approved the results of the fifth solicitation under the SREC-Based Financing Program for ACE, JCP&L, and RECO.  Bids were due on October 14, 2010.

The Solicitation Manager expects the Board to release an Order shortly memorializing its decision and officially announcing the results presented below:

The results for the smaller project segment (50 kW and below) are as follows:

  • Nineteen (19) bids were received, totaling 345.920 kW.
  • Eighteen (18) awards were made, totaling 341.780 kW.
  • One (1) bid totaling 4.140 kW was rejected because pricing was found not to be competitive.
  • The average NPV for the recommended awards is $3,386.09 (corresponding to an average SREC price of $478.85/SREC for a ten-year contract)
  • The lowest NPV for the recommended awards is $2,967.72 (corresponding to an average SREC price of $419.69/SREC for a ten-year contract).

The results for the larger project segment (above 50 kW) are as follows:

  • Thirty-eight (38) bids were received, totaling 9,323.920 kW.
  • Thirty-seven (37) awards were made, totaling 9,170.410 kW.
  • One (1) bid totaling 152.880 kW was rejected because pricing was found not to be competitive.
  • The average NPV for the recommended awards is $3,181.00 (corresponding to an average SREC price of $449.85/SREC for a ten-year contract).
  • The lowest NPV for the recommended awards is $2,967.72 (corresponding to an average SREC price of $419.69/SREC for a ten-year contract).

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