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April 30, 2010: BPU Approves the Results of the Third Round of Bids
The New Jersey Board of Public Utilities (“Board” or “BPU”) has approved the results of the third solicitation of the SREC-Based Financing Program for ACE, JCP&L, and RECO, which was held in March 2010. The results are as follows:
- Sixty-three (63) bids were received, totaling 9,940.548 kW.
- Fifty-seven (57) awards were made, totaling 9,332.978 kW.
- Four bids (4) were rejected because pricing was found not to be competitive, totaling 167.570 kW.
- Two (2) bids were rejected due to failure to adhere to the Program Rules, totaling 440.000 kW.
- The simple average NPV of all accepted projects was $2,999.51 (corresponding to an average price of $424.18/SREC for a ten-year project).
- The low NPV of all accepted projects is $2,473.10 (corresponding to an average price of $349.74/SREC for a ten-year project).