Breaking: Bluewater Wind Announces Negotiations w/ Delmarva Power Conclude in “Win-Win-Win” Situation

Bluewater Wind is pleased to have finalized these discussions and come out with an excellent result: a win-win-win for Delmarva Power’s customers, the environment, and Bluewater Wind. The contract that was presented to the PSC today will guarantee the following to Delmarva Power’s customers:

• A reduced energy price of almost 7/10 of a cent per kilowatt hour. Our new price – nine and 89/100 of a cent per kilowatt hour – yields a monthly energy cost reduction of about $6.97 as compared to the September Term Sheet bid amount.
• Sales of at-market or below-market priced Renewable Energy Credits (RECs) for every megawatt hour of energy sold to Delmarva Power. This is an increase from 175,000 RECs to about 1,100,000 RECs. Bluewater is delighted that Delmarva Power sought to purchase more RECs from us.
• Performance guarantees to ensure that Bluewater provides to Delmarva Power the contracted amount of clean, renewable and stable priced power.