Portland General Electric Announces RFP Response for Renewable Generating Resources
Portland General Electric Company's (NYSE: POR) recent request for proposals for renewable electric power generating resources has resulted in 64 bids representing 39 distinct generating projects with a combined nameplate capacity of 4,450 megawatts. These include a benchmark proposal submitted by PGE in late October. Third-party bids were due Nov. 13, 2012.
In order to meet renewable power needs identified in PGE's current integrated resource plan the RFP asked for proposals to help the company acquire approximately 100 average megawatts of renewable power — enough to serve more than 83,000 typical PGE residential customers. Bids were required to meet a minimum size of at least 10 megawatts and a minimum duration of 10 years. PGE may acquire a single resource or a mix of resources to achieve the total desired renewable energy target, and anticipates the resources acquired will be brought into the company's portfolio in the 2013-2017 timeframe to help meet PGE's future obligations under the Oregon renewable energy standard.
The bids received include a mix of projects to be sold to PGE pursuant to asset purchase agreements and projects that would sell power to the utility under long-term power purchase agreements. While a substantial majority of the proposals in the bid pool are based on wind power, other renewable technologies including geothermal, biomass, biogas, hydro and solar are also represented.
PGE is currently evaluating the bids received, and expects to develop a final short list of bids for negotiation by the end of first quarter 2013. Names of the bidders and other details of their proposals will remain confidential. Final selections are expected within the first half of 2013.
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