Delmarva Power has agreed to purchase a 200MW of the power produced by the wind farm that is expected to have an output of up to 600MW. Bluewater Wind will determine the final size of the wind farm within two years, during which time the company will seek additional buyers of power.
In addition to its contract with Delmarva Power, Bluewater Wind has entered into a memorandum of understanding with the Delaware Electric Municipal Corporation for the sale of approximately 100,000 to 150,000MWh of power and 17MW of capacity to its nine municipal members.
The agreement requires legislative approval of changes to the state’s Renewable Portfolio Standard (RPS) to allow for renewable energy credits (RECs) from the offshore wind farm to be credited to Delmarva Power’s account at a rate of 350% (or 3.5 credits) per REC.
One REC equals one MWh of electricity, which equals the average monthly amount of energy used by a Delaware household. The parties will now immediately seek legislative action on the RPS amendment before the Delaware State Legislature adjourns later this month.
