PECO, a Phildadelphia-based electric and natural gas utility, is calling for alternative energy producers to submit bids to sell green energy credits. This move is in attempt to help PECO fulfill renewable energy requirements recently written into Pennsylvania law, which requires that by 2011, 3.5 percent of energy consumed by PECO customers be from renewable resources.PECO’s plan with these bids is to enter into fixed-price, five-year agreements to buy up to 250,000 credits per year. PECO intends to enter into agreements this spring for delivery beginning no later than next December. A second round of bids for 200,000 credits annually will open in the fall.
According to the release, the new plan will have the same effect as planting more than 33 million trees.
Last year, Exelon, PECO’s parent company, was one of six major energy companies to endorse federal legislation to reduce greenhouse gas emissions from the electricity sector.
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