Tuesday, February 25 2014
Financial terms of the fixed-price deal were not made public, although BPU estimates it will save ratepayers an average of $900,000 per year over the contract life..
The utility says that electricity will start flowing from the Alexander Wind Farm in October 2015.
“We are pleased about adding this renewable source of energy to our generating mix – it is important to our future, and wind is among the least-cost renewable energy resources,” says BPU General Manager Don L. Gray.
With addition of the PPA, BPU will have wind energy equal to 10% of its peak demand and 22% of its peak in renewables. This exceeds the state’s renewable energy standard which currently requires electric utilities to have at least 10% of their peak demand from renewable resources through 2015, 15% in 2016 and 20% beginning in 2020.
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