August 26, 2008
Media contacts
Chris Gleason, Community & Media Services manager, (253) 502-8222
Paul Copleman, Iberdrola Renewables communications manager, (484) 654-0106
When voters passed Initiative 937 in 2006 they established a law that requires Washington utilities to meet a portion of their customers’ power needs with renewable energy. Tacoma Power took a significant step toward meeting that requirement by signing a contract with Iberdrola Renewables, Inc. for renewable energy credits.
The law allows utilities to purchase renewable energy credits in lieu of purchasing renewable power. Renewable energy credits are generated by renewable power projects, and represent all the renewable attributes, but can be sold separately from the actual electricity.
Because Tacoma Power does not need additional electric generation to serve its current load, purchasing renewable energy credits makes the most financial sense for the utility and its ratepayers, and still provides the utility with a path to help expand the demand for renewable resources.
The renewable energy credits that Tacoma Power will purchase from Iberdrola Renewables come from wind generation projects. The electricity from these projects will be delivered, without the environmental credits, to a utility that needs it to serve its customers’ load.
The contract with Iberdrola begins in 2012 and will run through the end of 2019. It includes total estimated purchases up to a value of $15 million.
Initiative 937, which is now referred to as the Energy Independence Act, requires Tacoma Power to serve 3 percent of its load with renewable energy by 2012, 9 percent by 2016 and 15 percent by 2020.
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About Tacoma Power
Tacoma Power serves 162,000 customers in Tacoma, University Place, Fircrest and portions of Fife, Lakewood, Federal Way, Steilacoom, Fort Lewis, McChord Air Force Base and other portions of Pierce County. www.tacomapower.com
About IBERDROLA RENEWABLES
IBERDROLA RENEWABLES is currently the world's leading provider of wind power with more than 8,000 MW of wind power in operation globally. Between 2008-2012, the company will invest €18.8 billion globally to achieve installed capacity of close to 18,000 MW and production of more than 42,000 GWh. IBERDROLA RENEWABLES will invest $8 billion in the U.S. between 2008 and 2012 and plans to install 1,000 MW of wind power each year in the US. www.iberdrolarenewables.us
