Portland General Electric Announces RFP Response for Renewable Generating ResourcesPaul QuintaroBenzinga
Portland General Electric Company's (NYSE: POR) recent request for proposalsfor renewable electric power generating resources has resulted in 64 bidsrepresenting 39 distinct generating projects with a combined nameplatecapacity of 4,450 megawatts. These include a benchmark proposal submitted byPGE in late October. Third-party bids were due Nov. 13, 2012.
In order to meet renewable power needs identified in PGE's current integratedresource plan the RFP asked for proposals to help the company acquireapproximately 100 average megawatts of renewable power enough to serve morethan 83,000 typical PGE residential customers. Bids were required to meet aminimum size of at least 10 megawatts and a minimum duration of 10 years. PGEmay acquire a single resource or a mix of resources to achieve the totaldesired renewable energy target, and anticipates the resources acquired willbe brought into the company's portfolio in the 2013-2017 timeframe to helpmeet PGE's future obligations under the Oregon renewable energy standard.
The bids received include a mix of projects to be sold to PGE pursuant toasset purchase agreements and projects that would sell power to the utilityunder long-term power purchase agreements. While a substantial majority of theproposals in the bid pool are based on wind power, other renewabletechnologies including geothermal, biomass, biogas, hydro and solar are alsorepresented.
PGE is currently evaluating the bids received, and expects to develop a finalshort list of bids for negotiation by the end of first quarter 2013. Names ofthe bidders and other details of their proposals will remain confidential.Final selections are expected within the first half of 2013.(c) 2012 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.