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Monday, June 19, 2006

ACUA sells first group of Solar Renewable Energy Credits

For Immediate Release: 

For More Information Contact: June 19, 2006 Katie Vesey, 272-6950

ACUA successfully sells first group of Solar Renewable Energy Credits

The Atlantic County Utilities Authority successfully sold its first group of Solar Renewable Energy Credits (SRECs) resulting in $32,000 of revenue to the Authority. SRECs are the environmental attributes associated with the generation of renewable energy. When renewable electricity is generated there are two marketable products: the first is the electricity and the second is the renewable energy credit. The Authority uses all of the electricity produced by the solar system to operate their wastewater treatment plant. The related SRECs are sold.

“The rebate provided by the New Jersey Board of Public Utilities supporting the construction of this project and the revenue derived from the sale of renewable energy certificates makes this solar project favorable from a financial standpoint,” said Rick Dovey, ACUA President.

The Authority’s solar system generated 135,000 kilowatts of electricity through May 31, 2006, the end of the energy reporting year. This energy created 135 SRECs that were sold to PSEG Energy Resources & Trade LLC (PSEG ER&T) for $237.65 each, for a total of more than $32,000. PSEG ER&T, like all energy load serving entities, is required to comply with New Jersey’s Renewable Portfolio Standards (RPS). The purchase of RECs complies with the requirement that certain percentages of supply portfolios come from renewable resources.

The Authority anticipates more than 600 SRECs to be generated for the next energy year that spans from June 1, 2006 to May 31, 2007.

The ACUA’s 500 kW solar generation system includes approximately 2,700 solar electric panels at five locations at the Wastewater Treatment Facility in Atlantic City. The system is made of two ground-mount arrays, two-roof mounted arrays and one canopy array. The second and final phase of the project was recently completed this past May.

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