PPL Corporation

03/17/2023 | Press release | Distributed by Public on 03/17/2023 08:23

Rhode Island Energy to Evaluate Sole Proposal in Response to Offshore Wind RFP

PROVIDENCE, RI (March 17, 2023) - As Rhode Island Energy seeks to procure additional wind power to meet customers' energy needs, the Company announced today that it will evaluate a joint proposal from Orsted and Eversource to develop 884 megawatts of offshore wind. The proposal was the sole response to Rhode Island Energy's recent request for proposals to add 600 to 1,000 megawatts of new offshore wind.

"We're committed to helping Rhode Island meet its leading clean energy goals and will carefully review Orsted and Eversource's joint proposal," said Dave Bonenberger, president of Rhode Island Energy. "Our objective is to advance the clean energy transition while keeping energy affordable and reliable for our customers. This is the lens through which we will evaluate the proposal."

Rhode Island Energy issued its request for proposals in October. Adding to the nation's first offshore wind farm that sits in waters off Block Island and the current Revolution Wind project already under development, this additional procurement could help meet over 70% of the state's estimated 2030 electricity demand with carbon-free energy. As part of the solicitation, required under the state's Affordable Clean Energy Security Act, any potential long-term power purchase agreements (PPAs) with developers would require contract durations between 15 and 20 years.

"Although we had hoped to see more developers put forward additional proposals within this appeal, we also know there are a multitude of factors at play right now. As we move forward, our evaluation will consider future energy affordability and how this proposal meets the requirements of both the RFP and state law," Bonenberger noted.

As for next steps, a timeline of key milestones is listed on the solicitation's website at www.ricleanenergyrfp.com. The Company will post a public version of Orsted and Eversource's application sometime next week, after sharing it with the Office of Energy Resources and Division of Public Utilities and Carriers. An evaluation of the proposals included in the bid is expected to take roughly three months, at which time the Company will determine whether to move forward with contract negotiations. Any PPAs agreed to by Rhode Island Energy will be subject to review and approval by the Public Utilities Commission.

About Rhode Island Energy

Rhode Island Energy provides essential energy services to over 770,000 customers across Rhode Island through the delivery of electricity or natural gas. Our team is dedicated to helping Rhode Island customers and communities thrive, while supporting the transition to a cleaner energy future. Rhode Island Energy is part of the PPL Corporation (NYSE: PPL) family of companies addressing energy challenges head-on by building smarter, more resilient and more dynamic power grids and advancing sustainable energy solutions. For more information visit www.RIEnergy.com and stay connected on Twitter, Facebook, and Instagram.

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